The Chinese police busts crypto mining farm in the city of Guangzhou and reportedly 190 miners were seized, estimated to be worth over 5 million yuan as we can see further in our latest crypto news today.
Guangdong providence’s Development and Reform Commission seized 190 mining machines. The Chinese police bust an illegal mining farm that was operating from an electric vehicle charging station. The secret mining farm was busted in Guangzhou where the law enforcement agencies were making inspections around cities to enforce and to eradicate any forms of mining operations in the region.
The covert mining operation used over 190 mining machines estimated to be worth 5 million yuan that were seized on the spot. The authorities claimed that even though mining operations do spend a lot of energy, they remain hidden from authorities because of the power consumption of the charging station that they are operating in.
The mining operations were carried out in a hidden location with a guard at the gate and fences and walls to hide it from plain sight. The mining farm was operational for 1000 hours and consumed about 90,000 kilowatt-hours of electricity. The authorities busted the mining operations after examining the energy consumption of the charging station showed there’s a discrepancy in the electricity consumption while previously Jieyang city seized 916 mining machines back in February.
The Bejing government issued an outright ban on mining operations in the country a year ago citing carbon emission goals and high electricity consumption by the mining operations. The decision led the majority of the mining farms and the industrial mining operations to shut down or to move to other countries. The authorities in various provinces of China carried out state-level inspections to get rid of the smallest home-based mining operations. China contributed 60% of the BTC network hash power before the crackdown but now it has 0 shares in the global BTC mining operations.
Beijing’s crackdown on crypto continued as the new year started with the Chinese police crack down of 6 million yuan worth of crypto and arresting eight people that were involved with it. According to the report published by Nikkei Asia, the public security bureau of Chizhou reported a crypto rug pull scam that was worth about $7.8 million and the police started an investigation after one investor lost 590,000 yuan worth of crypto last year. The trail of the investigation led to eight people living in different provinces.
