Based on a recent report eastern China’s police has burst a bitcoin mining operation after an increase in the usage of electricity within the locality.
During the arrest, the authorities seized 4000 “mining devices” and claimed that the mining farm wrongly used electricity worth 20 million yuan ($3 million)- according to information gotten from a local power provider
A representative of Zhenjiang police said that:
“In value, it is the largest case in the amount of electricity stolen that Jiangsu has cracked since the founding of New China, and a rare sight in the whole country,”
Despite Ban Bitcoin Mining in China is Still Significant
Also, the investigators claimed that over 20 people took part in the mining operation.
The mining of Bitcoin is still very much popular in China. Even Coinshare, an investment platform submitted a report which revealed that half of the Bitcoin computing power in the world is located in southern China.
As of recent, the price of bitcoin increased to almost $12,000. The mining difficulty reached a new all-time high of above 7.93 trillion which is a 7% increase from the 7.45 trillion record which was observed during the two-week adjustment cycle which took place in October 2018 and it continues to increase as the bitcoin software automatically resets itself every 14 days according to the amount of computing power in the network.
Meanwhile, a previous report has shown that the overall hashrate for this year could increase to 70EH/S in August, therefore, indicating that another 300,000 mining devices could be activated so as to provide the required hashing power that comes with the growth.
As at 5th July, the hashrate for bitcoin reached 74.5 quintillion hashes per second which are in line with predictions by mining farms in China that has been operating their machines, therefore, taking advantage of the affordable hydroelectric power available the rainy summer season.
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