As any Bitcoin or Ethereum miner knows, those electricity fees can go through the roof. After all, it takes a lot of computing power to generate coins. It’s why many a BTC enthusiast has chosen not to invest in the high-powered equipment needed to complete mining operations. Instead, many are content simply using exchanges and wallets. However, one enterprising man in Taiwan managed to achieve the best of both worlds for some time. By stealing electricity, he ensured that his operation’s overhead cost nothing. It wasn’t too long, however, before the plot was discovered.
At this point, all we know is that the man’s last name is Yang and that he managed to generate over three million dollars worth of crypto before his electricity heist was noticed by authorities. Yang’s ingenious strategy included renting out internet cafes and other stores for the day. During the period he was renting, he’d have an electrician alter the wiring as to not allow metering. Then he sent some of the power to his mining operation. All in all, he rewired a total of 17 stores before his theft was noticed by Taiwan Power Company. In the end, an unstable power supply was what triggered their concern, and they immediately launched an investigation. Eventually, the group was able to determine how and why their electricity was being stolen, leading to the discovery of Yang’s scam.
Although it may seem like a heist movie, the reality is that Yang is far from the only person to come up with an idea like this. In fact, the issue has grown to become almost endemic in China. Just a month ago, two Chinese high school administrators were caught stealing electricity from their school. In June, a Chinese man located in Anhul was arrested after the power company noticed spiking in the power grid. Just a few months before, in April, a whopping six individuals were arrested in Tianjin in connection with a scheme to use 600 crypto miners. As the popularity of crypto continues to take over the planet—and electric companies start to get wise—it only seems inevitable that we will see more of these cases in the news.
