Wednesday, June 19, 2024

Crackdown on Crypto: Indonesia Shuts Down 10 Bitcoin Mining Farms.

According to reports, Indonesian police have shut down ten bitcoin mining operations after accusing the miners of stealing electricity worth close to $1 million. The North Sumatra Police Force intervened against a bitcoin mining enterprise that was spread across ten Indonesian locales. The police seized 1,134 bitcoin mining devices, 11 meters of electrical wire, and computer equipment.

The Chief of Police in North Sumatra suggests that the Bitcoin mining operation may have involved tampering with electrical connections.

According to Irjen Agung Setya Imam Effendi:

This is the PLN box, as we can see. It does not, however, include the correct electrical flow that the meter is supposed to detect when it enters the box. Rather, they took the upper portion, which is where power is drawn straight from the pole and directed inside.”

It was also said that a total of 14.4 billion Indonesian rupiahs, or roughly $935,666 in value, were lost as a result of these 10 electricity theft locations.

A Chinese government official was given a life term in prison earlier in August 2023 for taking bribes and allowing Bitcoin miners to have access to electricity. The former vice chairman of the Jiangxi Provincial Political Consultative Conference Party Group, Yi Xiao, is accused of having supported a Bitcoin mining operation worth 2.4 billion Chinese yuan ($329 million) operating under the corporate name Jiumu Group Genesis Technology. At one point, the operation consumed 10% of Fuzhou’s total electricity supply.

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Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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