The Chinese law enforcement officials recently discovered an illegal and secret Bitcoin mining operation in what appeared to be an underground burial site. The police in China is still investigating on the issue but the BTC mining operation was located in tombs.
As we can see from the reports by Beijing News which are now viral in the cryptocurrency news, on May 31 the police in China found the illicit mining operation in the northern Chinese city of Daquing. More precisely, the law enforcement officials found the BTC mining equipment set up in what appeared to be two burial mounds in the surrounding fields.
You can see more details about the exact location of the secret Bitcoin mining operation on the photo below.
What is also interesting is that this secret Bitcoin mining project used stolen electricity. The police investigated the area after a local oil firm told them about unexplained power losses. Then, the officers found an entrance to the mounds in the vicinity and (after doing some digging) discovered the hardware which was running on stolen electricity.
The local media also had a say and reported that earlier that week, the Chinese police found 54 secret Bitcoin mining rigs under a dog kennel in the same county, located in the Heilongjiang province.
As the crypto prices are going up and as the Bitcoin news show BTC attempting a run to $10,000 again, the value of crypto is greater. We can see that people are willing to get in the crypto mining business for whatever cost – and the Chinese seem to be hiding while stealing electricity.
However, what remains to be resolved is the regulation of crypto in China. The government of the province of Sichuan recently announced that all local firms must cease their cryptocurrency mining operations. According to a study by Cambridge University, the province is responsible for 10% of the global Bitcoin hashrate.
Meanwhile, the price of Bitcoin (BTC) now is at $9,591 with less than one percent of gains on the day. Ether (ETH), which is on the second position, has impressive gains of over 2% which now position it at $240.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
DC Forecasts - Newsletter and get recent news directly to your inbox! Daily Newsletter Bitcoin NewsAltcoin NewsLitecoin NewsEthereum NewsBlockchain NewsBitcoin ScamsRegulationExpert AnalysisPress ReleasesCardano NewsRipple NewsLibra NewsBitcoin Cash NewsTron NewsNexo NewsVechain NewsStellar NewsTezos NewsBinance Coin NewsCoinbase NewsChainLink NewsEOS NewsIOTA NewsTether NewsBitcoin SV NewsMonero NewsEthereum Classic NewsDash NewsUNUS NewsCosmos NewsMECX Token NewsNEO NewsDC Forecasts Announcements
Daily Newsletter Bitcoin NewsAltcoin NewsLitecoin NewsEthereum NewsBlockchain NewsBitcoin ScamsRegulationExpert AnalysisPress ReleasesCardano NewsRipple NewsLibra NewsBitcoin Cash NewsTron NewsNexo NewsVechain NewsStellar NewsTezos NewsBinance Coin NewsCoinbase NewsChainLink NewsEOS NewsIOTA NewsTether NewsBitcoin SV NewsMonero NewsEthereum Classic NewsDash NewsUNUS NewsCosmos NewsMECX Token NewsNEO NewsDC Forecasts Announcements
DC Forecasts provides a comprehensive source of the latest news about cryptocurrency news daily. Read more on our about us page for details.