According to the report of CryptoSlate, 190 crypto mining units have been confiscated from this illegal crypto mining center. Their total value is around 50 lakh Chinese yen (about Rs 6 crore). The mining center was active for over 1,000 hours and has consumed over 90,000 kWh of electricity during this period. It has been told in the report that it was being run under the guise of a firm providing charging stations on rent for electric vehicles. “With the help of the Power Supply Department, this mine has been caught and mining activities have been asked to stop immediately,” China Securities News said in a report. China imposed restrictions on crypto activities last year.
The Chinese Supreme People’s Court last month again banned fund raising through virtual currency, terming the method illegal. Chinese authorities are secretly catching crypto miners. Earlier in a raid in the city of Jiang, an illegal crypto mining center was caught and 916 mining devices were confiscated.
In this regard, China Security News has said, “These crypto miners consume more energy and because of this, carbon emissions increase. They contribute very little to the economy.” Some other countries like Kazakhstan are also cracking down on illegal crypto mining centers due to the energy crisis. A recent report by CoinShares suggested that nearly 60 percent of bitcoin mining activity uses electricity from fuel and accounts for 0.8 percent of global carbon emissions. In the US too, crypto mining is causing a shortage of electricity in some states like Texas.
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