Bulgarian Police Arrests Two Bitcoin Miners for Electricity ...
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Bulgarian Police Arrests Two Bitcoin Miners for Electricity Theft

Here is another report of dishonest individuals using utilities illegally to mine cryptocurrencies. A local report published by Bulgaria Today noted the arrest and detainment of two Bulgarian nationals for using electricity supply for mining without paying for it. The police detained them for twenty-four hours before their release to await trial.

The two people allegedly used electricity valued at about 1.5 million dollars to mine Bitcoin illicitly, as stated in the report. Bulgarian authorities have charged them with theft due to their illegal operation of cryptocurrency mining farms in the small town of Kyustendil.

While speaking at a news conference, representatives from the Oblast Directorate of the Ministry of Interior Affairs (ODMVR) and CEZ Electro Bulgaria said the two individuals from Sofia, aged 31 and 38, were arrested because they funneled power to their two illicit cryptocurrency mining farms for three to six months.

Nevertheless, they realized that the mining equipment had been there for over a year, based on evidence. According to CEZ Deputy Director Philip Yordanov, they have not seen or discovered such theft of electricity before. The theft is such that the 1.5 million dollars will power the neighboring township for about a month.

This is another case of cryptocurrency miners who have tried to siphon power off the network as people continue to realize that tokens are profitable. In China, 22 persons were arrested in July last year for allegedly operating an illicit cryptocurrency mining farm that utilized electricity valued at 3 million dollars without paying for it. During a raid on nine factories, the Chinese police seized 4,000 mining rigs.

Similarly in Russia, authorities have likewise tried to crack down on Bitcoin miners using electric power illegally. Two months ago, the Russian police arrested a man aged 30 years for alleged theft of electricity valued at $500,000. In March, the police also arrested ten persons for stealing electricity valued at $200,000?per month to mine cryptocurrency.

A few days ago, it was reported that the authorities in Malaysia arrested five individuals who have been allegedly using electricity to mine cryptocurrency without paying for it. 

coinmag

Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.