According to news reports online Chinese authorities have been conducting operations to stomp out illegal mining operations in the country recently busting a gang of Bitcoin miners that stole electricity worth approximately $3 million for their crypto mining activities.
The increase of operations against illegal mining in China is a welcome development for the cryptocurrency community as the break-even point of these illegal mining operations is so low that it could depress the fair market price of the bitcoin.
The electrical cost of mining in China is approximately $0.045/kWh which translates to around $8,000 USD to mine one BTC but when the cost of electricity is Free such as when electricity is stolen, illicit miners are turning massive profits.
Despite the negative policy of China towards bitcoin and cryptocurrency in general the Chinese government is doing the whole cryptocurrency community a favor in stomping out illegal mining activities.
Headlines for the world of Cryptocurrencies - July 13, 2019
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- Coinbase Whales Buying Up BTC After $1500 Dump
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Headlines for the world of Cryptocurrencies - July 12, 2019
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- Binance Suggest Merge Mining To Mitigate Halving Shocks
- First Consumer-Facing Blockchain Token Approved By SEC
- Another Bitcoin Derivatives Soon To Hit The U.S.
Headlines for the world of Cryptocurrencies - July 11, 2019
- Blockstack Token Offering Approved By SEC
- Shell Invested In Blockchain Start Up For Energy Tracking
- Registration With Financial Watchdog A Requirement In Canada For Crypto Exchanges
- Bitcoin Core Developers Gets $60,000 Grant From Bitmex
- Gemini Eying Libra Association Membership
