View Single Post
  #11   Report Post  
Posted to uk.d-i-y
Max Demian Max Demian is offline
external usenet poster
Posts: 2,704
Default Bitcoin Mining Operation Is Uncovered During U.K. Drug Bust

On 05/06/2021 16:09, tim... wrote:

"Paul" wrote in message
David P wrote:
Bitcoin Mining Operation Is Uncovered During U.K. Drug Bust
By Davies & Ostroff, 5/28/21, Wall St. Journal British police got a
shock when they raided a suspected illegal cannabis farm this week:
Instead of halogen lamps & weed, they found about 100 computers
mining bitcoin.

Officers from the West Midlands Police forced entry into the
warehouse in an area west of the city of Birmingham known as the
Black Country with a drug warrant, after intel suggested it was being
used to grow the illegal crop.

Unusual amounts of wiring & ventilation were visible on the outside
of the building & a drone had measured high levels of heat rising
from it€”classic signs of a cannabis factory. But the officers broke
in to discover a huge bank of computers in what they now suspect was
a cryptocurrency mine.

They also found that the computers used stolen electricity by tapping
directly into the power supply outside of the warehouses circuits.
Police said the mine consumed thousands of pounds worth of electricity.

Actually, they're using Bitmain boxes, at around £3000 each.
At least £180,000 worth of mining equipment is pictured here.

I don't get how this crypto mining lark is allowed to continue by

where's the underlying assets that props up the value of this new
intangible thing you have created?

You can pretend that Monopoly money is real if you like. Regulators only
regulate "official" money.

Max Demian