[bots]

A suspected Bitcoin "mining" operation illegally stealing electricity has been found by police who were searching for a cannabis farm.

Officers had been tipped off about the site on the Great Bridge Industrial Estate, Sandwell, and raided it on 18 May, West Midlands Police said.

Instead of cannabis plants they found a bank of about 100 computer units.

The force said the cryptocurrency "mine" had stolen thousands of pounds of electricity.

Inquiries with network operator Western Power Distribution found the electric supply had been bypassed.

Detectives said they were tipped off about lots of people visiting the unit throughout the day and a police drone picked up a lot of heat coming from the building.

Sgt Jennifer Griffin said, given the signs, they had expected to find a cannabis farm.

"It had all the hallmarks of a cannabis cultivation set-up and I believe it is only the second such crypto mine we have encountered in the West Midlands," she said.

The computer equipment has been seized but no arrests have been made, the force said.

https://www.bbc.co.uk/news/uk-englan...ngham-57280115

[arista]

Yes Even Musk
said they are over using Electricity.


Typical Stealing power connections

[arista]

https://www.dailymail.co.uk/news/art...drug-raid.html

[Zizu]

What on gawd’s earth is a Bitcoin mine ??

In layman’s terms please



Sent from my iPhone using Tapatalk Pro

[bots]

Originally Posted by Zizu

What on gawd’s earth is a Bitcoin mine ??

In layman’s terms please



Sent from my iPhone using Tapatalk Pro

bitcoin transactions require a huge amount of processing because of the way it works, so that gets offloaded to computers around the world to process. For providing that processing service, people get paid in bitcoins depending on how much they process, which has become known as bitcoin mining.

What these guys were basically doing was getting 100 computers to do that processing and earn themselves some bitcoin. That part is perfectly legal. The illegal part comes from the fact that currently, the amount of bitcoins they earn from the process is of lower value than the price of the electricity used by the computers to process it, so what they did was bypass the mains electricity and basically steal it off the electric company - thats illegal

[Zizu]

Originally Posted by bitontheslide

bitcoin transactions require a huge amount of processing because of the way it works, so that gets offloaded to computers around the world to process. For providing that processing service, people get paid in bitcoins depending on how much they process, which has become known as bitcoin mining.

What these guys were basically doing was getting 100 computers to do that processing and earn themselves some bitcoin. That part is perfectly legal. The illegal part comes from the fact that currently, the amount of bitcoins they earn from the process is of lower value than the price of the electricity used by the computers to process it, so what they did was bypass the mains electricity and basically steal it off the electric company - thats illegal

Regards


Sent from my iPhone using Tapatalk Pro