Bitcoin

Force

<ul>
 <li>A total of about $935,666 USD, was lost due to energy theft at these ten sites.</li>
 <li>The operation’s organisers tampered with the electrical circuits powering the devices.</li>
</ul>
Ten <a href="https://thenewscrypto.com/goldman-sachs-foresees-major-boost-post-spot-bitcoin-etf-approval/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> mining operations allegedly have been shut down by Indonesian police, who have accused the organizers of stealing roughly $1 million USD worth of power.
The North Sumatra Police Force reportedly raided a ten-location Bitcoin mining enterprise, seizing 1,134 mining machines, 11 meters of electrical cable, and a variety of computer gear, as reported in a recent local media report.
Irjen Agung Setya Imam Effendi, chief of police in <a href="https://www.britannica.com/place/North-Sumatra" target="_blank" rel="noopener noreferrer nofollow">North Sumatra</a>, has claimed that the operation’s organisers tampered with the electrical circuits that powered the several Bitcoin mining devices. Additionally, it was pointed out that a total of 14 billion Indonesian Rupiahs (IDR), or about $935,666 USD, was lost due to energy theft at these ten sites.
<h3 class="wp-block-heading" id="h-crackdown-in-china">Crackdown in China</h3>
Earlier, a Chinese official was given a life sentence for helping Bitcoin <a href="https://thenewscrypto.com/bitcoin-miners-reserves-hit-record-low-amid-selling-surge/" target="_blank" rel="noopener noreferrer nofollow">miners</a> get access to power. The Hangzhou Intermediate People’s Court allegedly handed down a life sentence to Yi Xiao for misuse of authority in a Bitcoin mining firm. Xiao was formerly the deputy chairman of the Jiangxi Provincial Political Consultative Conference Party Group.
From 2017 until 2021, Xiao reportedly ran a Bitcoin mining business under the name Jiumu Group Genesis Technology, which was valued at 2.4 billion Chinese yuan, or $329 million. Along with other business leaders, Xiao acquired more than 160,000 Bitcoin miners, which accounted for 10% of Fuzhou’s total power use at one point.
As Bitcoin gained more than 13% in December, data from <a href="https://cryptoquant.com/" target="_blank" rel="noopener noreferrer nofollow">CryptoQuant</a> shows that miners’ bitcoin holdings reached a record low, last seen in May, after an upsurge of withdrawals last week, indicating that there is increased selling pressure.
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Indonesia Closes 10 Bitcoin Mining Operations Over $1M Power Theft

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