A group of crypto miners in Germany steal $250K worth of electricity

09 Feb, 2019 | Updated: 09 Feb, 2019
by Fifi Arisandi
Mining
A group of crypto miners in Germany steal $250K worth of electricity

A group of crypto miners is reported to have been arrested by the German police for stealing electricity worth of $250,000.

The group, which consists of 5 men and 1 woman, utilized the facilities of a dormant electrical services company, PG Elektro to conduct their mining operations.

The investigation began when local electricity supplier noticed a spike in power consumption in the area.

Following the leads, authorities that consist of cybercrime officers, state police and tax inspectors tracked down the cause and found out that the abandoned facility in the small city of Klingenthal have been used for crypto mining activities, after checking 8 other suspected facilities.

Investigation revealed that the group set up 49 mining devices, 30 of which are tailored devices to mine Bitcoin and several other cryptocurrencies, as reported by Bitsonline.

The illegal activity is reported to have been running since 2017 and have used the electricity power of around $250,000, the same power required to power 30 homes within the same duration.

Crypto mining is not too popular in Germany, although the government doesn’t tax the capital gained from mining due to the high electricity cost that makes it almost impossible to gain profit, especially in the current bear market.

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Read more about: Germany Mining

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