Watch: Steamroller Destroys Bitcoin Mining Rigs Worth Crores in Malaysia

Watch: Steamroller Destroys Bitcoin Mining Rigs Worth Crores in Malaysia

Bitcoin mining rigs have been crushed by the Malaysian police with a steamroller, a video of which has now gone viral on YouTube. The police final week crushed greater than a thousand digital rigs utilized by Bitcoin miners illegally, with a steamroller. Authorities in the town of Miri in the coastal Sarawak state reportedly seized 1,069 rigs from miners who allegedly stole electrical energy to run mining operations. The units have been seized between February and April and have an estimated worth of RM 5.3 million (roughly Rs. 9.4 crores). Eight individuals have been reportedly arrested for being concerned in mining actions utilizing stolen electrical energy.

The authorities, nevertheless, didn’t point out why the police determined to destroy the rigs in such a dramatic means, and never use the costly programs for one thing else.

An area information outlet in Sarawak, Dayak Daily, uploaded the video on YouTube that exhibits the rigs being steamrolled. Watch the video under:

As the cryptocurrency The market surged earlier this 12 months, it introduced into focus the large vitality consumption in mining digital cash. The energy-intensive “proof-of-work” course of, by means of which bitcoins are earned/generated, makes computer systems compete to unravel advanced mathematical equations. Given the aggressive aspect in the hunt for priceless cryptocurrency, highly effective mining rigs — PCs purpose-built to maximise mining rewards — are most popular by cryptocurrency miners.

A complete of 1,069 models of Bitcoin mining rigs have been seized in the Malaysian metropolis, reported native newspaper The Star. All the seized rigs have been “disposed of” on the Miri district police headquarters on Friday, July 16.

The report stated the Sarawak electrical energy board suffered damages of RM 8.4million (roughly Rs. 14.89 crores) on account of electrical energy theft by Bitcoin miners. The people arrested for electrical energy theft have been fined as much as RM 8,000 (roughly Rs. 1.41 lakhs) and jailed for as much as eight months, the police chief advised The Star.

Electricity theft is a significant subject in areas the place Bitcoin is mined as some miners use unlawful means to safe the facility provide essential to make a giant revenue from cryptocurrency mining. Because of the extra stress it places on the electrical grid, authorities should typically resort to load sharing that outcomes in common outages.

As of July 20 (2:36pm IST), Bitcoin price in India stood at Rs. 22.23 lakhs.

Interested in cryptocurrency? We focus on all issues crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is obtainable on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Leave a Reply

Your email address will not be published. Required fields are marked *