Feds looking for grass bust a massive crypto mining farm

ConcernedCitizen · 05-30-2021, 03:30 AM

Quote:Police were stunned to find a bitcoin “mine” stealing thousands of kilograms of electricity during a suspected warehouse drug raid.

Officers in the West Midlands, UK, thought they were about to bust a cannabis farm – but were met with the advanced tech scam instead.

Cryptocurrencies have to be “mined” in order to be created, which involves solving increasingly complex mathematical puzzles – requiring more and more powerful computers and significantly more energy.

Most computers used for the process cost more to run than the value of the currency they create – making stolen electricity a lucrative business when a single bitcoin is currently worth around £26,000 ($47,844).

Read more here:
https://www.news.com.au/finance/money/po...1f259926a3

Dismas · 05-30-2021, 04:08 AM

Quote:One expert estimated the people behind the scam would have been stealing around $29,500 worth of electricity a month, about $20,240 more than they would have made from the bitcoin generated in the same time period.

Only a 30% yield, based on the electricity they used. This was after prices fell, as well.

ConcernedCitizen · 05-30-2021, 04:44 AM

(05-30-2021, 04:08 AM)Dismas Wrote: Only a 30% yield, based on the electricity they used. This was after prices fell, as well.

If they'd have been able to keep operations running, they might have made bank with their profits when BTC goes up soon.
The prices of GPUs are going to go back to normal eventually. With that, what do you think people will do with all those brand new units? Wink

Boudica · 05-30-2021, 10:17 AM

I have to be honest, I was not expecting this to be a UK drug bust lmfao. Laws are a little more relaxed here around cannabis, though a giant farm is still illegal if it's off the books. I actually work not far from a legitimate pot farm. They have a smaller building near my own workplace, and the SMELL when they open the door. Holy hell xD

ConcernedCitizen · 05-31-2021, 04:47 AM

(05-30-2021, 10:17 AM)Boudica Wrote: I have to be honest, I was not expecting this to be a UK drug bust lmfao. Laws are a little more relaxed here around cannabis, though a giant farm is still illegal if it's off the books. I actually work not far from a legitimate pot farm. They have a smaller building near my own workplace, and the SMELL when they open the door. Holy hell xD

Close the door, you're letting the stank out!

Boudica · 05-31-2021, 08:43 AM

(05-31-2021, 04:47 AM)vittring Wrote:
(05-30-2021, 10:17 AM)Boudica Wrote: I have to be honest, I was not expecting this to be a UK drug bust lmfao. Laws are a little more relaxed here around cannabis, though a giant farm is still illegal if it's off the books. I actually work not far from a legitimate pot farm. They have a smaller building near my own workplace, and the SMELL when they open the door. Holy hell xD
Close the door, you're letting the stank out!

Hehe! I know someone who tried to sneak in there and steal stuff too. Naturally, they were caught.

ConcernedCitizen · 05-31-2021, 08:49 AM

(05-31-2021, 08:43 AM)Boudica Wrote: Hehe! I know someone who tried to sneak in there and steal stuff too. Naturally, they were caught.

My advice - don't get caught. Smile

Boudica · 05-31-2021, 10:48 AM

(05-31-2021, 08:49 AM)vittring Wrote:
(05-31-2021, 08:43 AM)Boudica Wrote: Hehe! I know someone who tried to sneak in there and steal stuff too. Naturally, they were caught.
My advice - don't get caught.

Unless you could clone yourself to look like one of the staff members, I don't think it's possible. That place is a fortress.

ConcernedCitizen · 05-31-2021, 12:49 PM

(05-31-2021, 10:48 AM)Boudica Wrote: Unless you could clone yourself to look like one of the staff members, I don't think it's possible. That place is a fortress.

I'd expect nothing less, honestly.

GoodVictor · 07-14-2021, 07:45 AM

There is a hell of a lot of similar farms worldwide, especially in the countries where the electricity is more expensive. But man, 29.500 bucks of electricity per month, that is pure insanity! I mean, for an entire year, that is 354.000 freaking bucks! That is absolute madness. I also have a tiny mining farm, and electricity in our area is not that cheap actually. That is precisely why I asked my broker to handle the energy comparison and find a better supplier with some better prices and a better electricity plan. Since he has a letter of authority, he can take this kind of decision for himself. That is the beauty of owning a business Biggrin

. By the way, guys, if you do not have enough time to handle some issues, you could also call for the services of a broker and give him such a letter. If you do not really know what that is and how to use it, just read this article [Link Redacted] , will make everything clear for you.