Electricity Theft Via Illegal Bitcoin Mining: Two Farmers Caught

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The Bulgarian federals have arrested two men on the charges of siphoning off over $1.5 million in electricity illicitly for operating two crypto mining farms. As per the report published on the 14th of August, two men have been detained having a connection with the electricity theft of $1.5 million that has allegedly been used for illegal Bitcoin mining (BTC Mining) in a small town of Kyustendil.

The representatives from the CEZ Electro Bulgaria and the Oblast Directorate of the Ministry of Interior Affairs (ODMVR) had spoken at a news conference, where they stated that the Bulgarian national duo from Sofia, aged 31 and 38 years, have been caught channelling power to two of their illicit crypto mining farms for 3-6 months giving rise to illegal Bitcoin mining. Nevertheless, the evidence suggests that the mining equipment had been there for over a year.

Philip Yordanov, the CEZ Deputy Director, had said that this was the “largest theft” of the electricity that the utility farm had ever faced. The amount that has been stolen was enough to power the township in the neighbourhood for approximately a month.

The men duo have been detained for 24 hours by the police before they are being released to await the trial. 

An Incident Similar To That In Europe

Unethical crypto miners in many of the countries have endeavoured to siphon off the power from the network since more people become aware of the profitability that the tokens could generate. One of the largest thefts that had occurred in China back in July 2019, when 22 of the suspects were arrested after it has been reported that they have involved in illegal Bitcoin mining utilizing illicit crypto mining farm. The farm has made use of $3 million in stolen electricity. The feds have got hold of 4,000 mining rigs at different factories numbering in nine.

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Image: Tokeneo

The Russian authorities have also tried to crack down on the Bitcoin miners stealing electricity. Back in June, the cops had arrested a 30-year-old miner who has been accused of stealing approximately $500,000 in electricity from the State Power Network. Another alleged suspect and his nine accomplices had been arrested in March under a similar incident that had involved the theft of $200,000 in electricity per month to mine the cryptos.

Source: CoinTelegraph


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