Two Bulgarian nationals were charged for siphoning electricity worth $ 1.5 million which was used in illegal Bitcoin mining operations. Sofia ‘s two suspects aged 31 and 38 are said to have based their operations in Kyustendil, a small town. They had been caught illegally channeling power to their crypto-mining farms. Authorities suspect the two siphoned power has been coming to light for a span of 3 to 6 months before their illegal activities.
The authorities also found mining equipment believed to have been on the scene for more than a year. The Bitcoin miners were arrested for and detained 24 hour and were released later awaiting trial. CEZ Deputy Director Phillip Yordanov referred to the incident as the biggest theft of power ever discovered by the firm in recent times.
It is worth noting that the quantity of power siphoned is more than capable of powering the neighboring town for even a month.
Illegal Bitcoin mining operations on the rise as more miners target tokens
Of late reports have emerged from different parts of the world involving incidences of miners siphoning power for their mining activities. In particular, one of the biggest power siphoning incidents occurred in China. Chinese authorities arrested 22 suspects allegedly involved in operating a Bitcoin mining farm and siphoning power estimated worth $3 million. Also, 4000 mining rigs were confiscated in 9 different workshops.
Russia too, has faced occurrences of illegal power siphoning activities. In June, the Russian authorities arrested a 30-year-old middle-aged man in connection with siphoning power worth $150 000. The suspected allegedly siphoned power from the state powered national grid. Also, the country reported another incident where ten individuals were arrested in connection with siphoning power worth $200 000 every month that they were operational.
More crypto miners after profits made from tokens
In conclusion, the lure of handsome profits made from tokens is inventively pushing more illegal miners into the game. The profits generated from illegal Bitcoin mining activities motivate miners to set up mining farms for this sole purpose.