Tech 7 May 2018

Dennis Wafula

Iceland tracks down 600 missing crypto mining machines to China

A ray of hope shined down in Iceland over the weekend, following reports that the 600 cryptocurrency mining computers stolen in four separate burglaries in the country could have made its way to China.

According to local reports, Chinese’s authorities confiscated 600 mining machines and eight high-powered fans in Tianjin in late April after a local power company reported unusual power usage in one of their lines. The stolen electricity is believed to be worth hundreds of thousands of Chinese RMB.

The report prompted authorities from Iceland to send an inquiry to the Chinese government concerning the 600 mining machines. Icelandic police believe the confiscated mining mines could be the same stolen machines from three data centers in their country. The incident dubbed as “the Big Bitcoin Heist,” happened in the months of December and January. The stolen machines are believed to be worth about $2 million.

Eleven individuals were arrested in connection with incident. Authorities said the heist was carried out in four separate events—three in December and one in January. Among those arrested was Sindri Thor Stefansson, who authorities accused of being the brains behind the thefts. Stefansson escaped from the local prison but was later arrested in the Netherlands. He is expected to be extradited to Iceland in the coming days.

Mining cryptocurrencies like Bitcoin require a lot of power, prompting authorities to put up measures to help reduce high power usage caused by the activity. A Chelan County Public Utility District (CCPUD) in Washington launched a moratorium against cryptocurrency mining after they determined that the electric grid was being overwhelmed. Those who will violate the moratorium could face fines of up to $6,150 for residential mining and up to $ 11,400 for commercial mining. According to reports, the number of unregistered miners in Chelan County is greater than the number of registered miners. The CCPUD hopes the new framework will help reduce power usage in the county.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

COMMENT

latest news

Announced Bitcoin.com trading platform looks problematic

Tech 3 hours ago

Announced Bitcoin.com trading platform looks problematic

Bitcoin.com have announced a new trading platform, but it already looks like it will only be used by those who are avoiding the government.

Read More
ABB launches blockchain-based inverters for solar energy

Tech 4 hours ago

ABB launches blockchain-based inverters for solar energy

The pilot seeks to examine how blockchain technology can be used to boost the role of solar in peer-to-peer energy trading and smart grids.

Read More
Bitcoin SV version 0.2.0 takes the next step towards unlimited scaling

Tech 10 hours ago

Bitcoin SV version 0.2.0 takes the next step towards unlimited scaling

The Bitcoin SV node team has been true to its goal of massive scaling with huge upgrade on BSV client with version 0.2.0.

Read More
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]
[data-clipboard-demo]