China has found that many cryptocurrency miners steal electricity from government agencies and other public establishments at a time when the country is suffering from a power shortage, according to a Bloomberg report published on Friday. Officials in two eastern provinces, Zhejiang and Jiangsu, have recently begun targeting miners who consume the resources of state-owned enterprises, government agencies, thinkies and universities, according to the report, which submits government and media reports that did not call the entity. . Jiangsu province found that about one-fifth of the roughly 4,500 Internet Protocol addresses related to illegal mining activities belonged to state institutions, and Bloomberg mentioned The Paper. Crypto miners typically link their devices to cloud facilities called mining pools to determine transactions on blockchains, which makes it imaginable to hint at physical locations and can lead researchers to accounts with electric power companies. Coal shortages have sparked a power crisis affecting China, the world’s second-largest economy. Zhejiang and Jiangsu account for more than 16% of China’s overall gross domestic product. The report comes just weeks after China banned all cryptocurrency transactions, while Beijing embarked on an ongoing crusade to crack down on miners. This effort has helped the United States overtake China as the world’s largest bitcoin miner, according to a report from Cambridge’s Center for Alternative Finance released Wednesday.
CNY - Chinese Yuan Renminbi