Story By: Koen Berghuis, Sub Editor: Joseph Golder, Agency: CEN
Three people have been arrested for tapping into the power grid to steal 220,000 EUR worth of electricity for an illegal Bitcoin mining operation.
According to reports, the Bitcoin farm used 49 state-of-the-art computers and was busted in the town of Klingenthal in the eastern German state of Saxony.
According to the public prosecutor’s office, the amount of electricity consumed by the Bitcoin mining operation was the equivalent of 30 households.
Pictures Credit: CEN
In total, three suspects stole electricity worth 220,000 EUR (193,363 GBP), according to reports.
Prosecutor Antje Dietsch said: “During the raid in Klingenthal, specialists encountered an electrical installation that bypassed the electricity meter.”
In total, 121 state agents were reportedly involved in the raid.
Dietsch said: “We found an operating network of 49 mining computers.
“Thirty of them were special computers for mining cryptocurrencies while a total of 80 graphics cards were built into the mining farm.”
Three men have been arrested by the cops and charged, which could see them spending up to five years behind bars if found guilty.
Bitcoin miners require enormous levels of power to keep the system running. In return, they get paid in cryptocurrencies such as Bitcoin or Ethereum which can be exchanged on online platforms.
According to cryptocurrency experts, legal Bitcoin mining is not a very profitable business nowadays due to the high-energy costs and relatively low and highly-volatile Bitcoin exchange rate, which is why a growing number of people attempt to mine illegally.