Bitcoin, Cryptocurrency, News

Chinese police seized 600 bitcoin computers

On April 25, Tianjin police have confiscated 600 bitcoin mining computers after the local power grid reported abnormal electrical consumption.

According to Xinhua News Agency, an electrical line monitored by the power company in Tianjin recently saw a sudden increase in line losses of up to 28 percent during peak hours. Investigators said they found that an electrical junction box for a power user’s electricity meter had been bypassed, which is a typical way to escape billing.

Bitcoin mining is a very power-consuming process which mainly depends on high-performance computers. The monthly electric charge of 600 such computers is estimated at hundreds of thousands of yuan.

Five people are under investigation and another has been detained. The City of Tianjin is a major industrial and port city in northern China, it is only about 30 minutes away by high speed train.

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