Chinese authorities seized 600 computers used to mine bitcoin after a massive power surge was noticed in the local grid, according to media reports. The seizure took place in the city of Tianjin, located in northern China. First reports of the incident country bitcoin mining published last week, but it was unclear when the police seized all the equipment.
One person was detained in connection with the case and five others are still being investigated, Xinhua said. China began its crackdown on cryptocurrency mining last year, but it is unknown how much equipment was confiscated since then. According to a Reuters report, China’s local governments were given a free pass to dictate and limit power usage of bitcoin miners. April 5, 2018 Cryptocurrency mining is energy-intensive and requires a lot of computer power, which is why digital miners usually choose a location with cheap power.
China is one of those places, where both power and hardware are not expensive. Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Access to this page has been denied because we believe you are using automation tools to browse the website.