China raids illegal crypto mining ops

China raids illegal crypto mining ops

 China raids illegal crypto miners

Chinese police in the Tianjin municipality have seized 600 cryptocurrency-mining computers after the local energy provider noted local abnormal power consumption. The authorities also confiscated a number of high-powered cooling fans in a raid on the mining premises.

The mining operators had also been also illegally tapping energy from the grid after tampering with a junction box. Five people are under investigation and one has been detained, according to a Xinhua report.

China had been home to a mass of cryptocurrency mining operations until the authorities began cracking down on the activity. The authorities issued a ban on all domestic initial coin offerings in September last year prior to imposing severe restrictions on crypto trading.

The People’s Bank of China said earlier this week that platforms offering ICOs and bitcoin exchanges had been safely closed down.

Image: Bitmain Technologies

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