Global Regulation

China’s Tianjin Police “seized 600 mining computers”

Police in China’s northern city of Tianjin have confiscated 600 computers used for bitcoin mining.

It seems that the investigation was conducted by the police based on CNBC’s report on April 25, when the electricity usage in Tianjin was abnormally high.

Xinhua, a local press, said, “The incident is considered to be the largest power theft in the region, and all eight high-power cooling fans used at the mining site were also confiscated. Five suspects are under investigation and one other has already been detained. ”

On the other hand, China is estimated to be a favorable environment for mining cryptographic money because it is cheaper to manufacture electricity and hardware. According to a recent report released by Coin Telegraph, the mining cost in China is about $ 3,172 per coin, and it is known that the value of Bitcoin will make a significant profit for miners.

It is estimated that 50-70% of the bitcoin mining in 2017 was made in China. However, since January 2018, the People’s Bank of China is expected to tighten regulations on mining and to restrict the use of electric power by miners.

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