October 19, 2018

The Trail Of Bitcoin Miners In Iceland’s Scandal Have Led To China

Icelandic-China

Success attracts all kinds of attention, and unfortunately, this is true for even those of us within the world of Cryptocurrency. Recently, evidence from the recent looting of hardware from Cryptocurrency exchange mining operation in Iceland is believed to have turned up in China of all places. Icelandic news operators have stated that the Icelandic authorities have issued an ultimatum to the Chinese authority, soon after the Chinese police discovered a series of 600 machines in Tianjin that were stolen goods.

More On The Crime

These stolen Bitcoin or BTC machines that were used within the process of mining Bitcoin were found to be a perfect match for all of the pieces that were taken during the robberies in December 2017 – January 2018 in Iceland. Fortunately, after much investigation, the Icelandic authorities have investigated and apprehended two suspects who were found to be associated with the crimes.

The one suspect, in particular, made a break out of an Icelandic jail earlier in the year, but now has an international arrest warrant that has been laid out on his head, ever since he fled Iceland for Sweden post the grand jail escape. The net worth of all missing hardware is currently estimated to be worth US$2 million or 200 million kronur, however, the full value of all the items has still not been recovered.

The current findings only occurred by a great miracle, well that and a lack of power. It seems that the local authorities decided to investigate once it became apparent that an excess amount of electricity was being pulled from the area. To date the area had not been experiencing such a taxing load when the local electricity supplying provider got hold of the police force, the police proceeded to confiscate the machines and other associated hardware in order to help curb the electricity usage.

At this current point in time, it appears that the Chinese authorities have yet to respond in any way to the Icelandic police forces request for the Bitcoin mining hardware to be shipped over to Iceland.

How Iceland Is Progressing

Currently, Iceland is becoming a hotspot for Cryptocurrency mining due to its favorable weather conditions and the fact that there are many options for coal alternatives to energy in Iceland. Hence, Iceland can be assured that there will be many more mining operations to come and with that, the risks of having greater levels of Cryptocurrency mining occurring within the country will also inevitably increase.

At the current point in time, it is estimated that the total amount of electricity that Cryptocurrency mining activities will use is twice as much as the total population of 340 000 citizens in Iceland will use over the course of a year. Iceland has many alternatives that are reliable, including geothermal and hydroelectric power providers, which are good alternatives to the coal providers in one of their main rival countries, none other than China.

Time will tell, if Iceland will overtake China with respect to Cryptocurrency mining endeavors, however in the meantime they just need to get their equipment back.

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