-A +A We deliver news to your inbox dailyThe Chinese law enforcement cracked down on a Bitcoin mining farm in Bengbu, Anhui province, for illegally allocating a local electric power company's energy source for Bitcoin mining operations.The local police of Bengbu seized ASIC miners and other equipment used to mine the digital currency.Xin’an Evening, a local news publication in China, revealed earlier this month that a family in the Anhui province used home energy sources provided by a local electricity service provider to mine Bitcoin.The digital currency which the family obtained was used to finance the family’s expenditures.The news publication further noted that the family made enough money through its mining farm to finance up to 8 years of their future expenditure.Bengbu Tianhu Power Company received various reports of surging line loss rate at a local community of residents.Usually, the power company experiences a loss rate of around 5% but since May it surged to 97%.After the company discovered an unusual increase in their loss rate, the firm conducted a formal investigation to look into the local community’s increased spending on electricity.

The investigation led by inspectors and the Bengbu police revealed that an unknown white cable was connected to a starter box located in the main building of the village.The inspectors and police followed the cable down to the basement and eventually discovered a room full of Bitcoin mining equipment such as ASIC miners and cooling technologies.As soon as the inspectors revealed that a local family was stealing electricity from the village and from the Bengbu Tianhu Power Company, the police arrested the family and seized all the mining equipment located within the facility.8BTC, a Chinese Bitcoin publication, also noted that in 2016, three Bitcoin mining sites were cracked down on and 74 miners remain detained.The recent arrest of a local family in the Anhui province brings the total to four illegal mining sites and 77 miners detained in the year to date.Although it is still unclear whether the family will be ordered to compensate for the losses of the power company, it is said that the firm lost around $26,000 as a result of the Bitcoin mining site’s illicit usage of electricity.

Each ASIC miner in the illegal Bitcoin mining site consumed 51 KW an hour and the entire operation consumed 1224 KW total.bitcoin job erfahrungenAfter various expenses including the cost of mining equipment, the family secured a profit of over $27,000 in the past six months.bitcoin peteBitcoin is a new-era digital Internet money in global payment system.bitcoin wallet 2010Bitcoin was first introduced in 2009 by Satoshi Nakomoto.ethereum buy malaysiaChallenging in high-developed technology bring this money system to one of the digital currency.bitcoin miner widgetIt is because people nowadays prefer everything in digital and people don’t like to wait.bitcoin directory mac

The simple way to describe Bitcoin is ‘internet currency’.bitcoin mining malaysiaThe internet as a country and bitcoins can be sent anywhere without geographical borders.wie bitcoin auszahlenBecause it’s not bound by a country, people can effectively use it anywhere globally (online and offline), as long as they have access to it.bitcoin laptop miningAn example of Bitcoin as a global payment system is, sending money to friend in Australia, just as easy way.Go online to a website, send some Bitcoins, and receive confirmation in about one or two minutes.Compare this to going to Maybank or other Banks, for instance, it will take about 24 to 48 hours to clear.In Malaysia, the legality of bitcoin can be debated.On 2nd January 2017, Bank Negara Malaysia (BNM) stated that Bitcoin is not recognised as legal tender in Malaysia.

The Central Bank does not regulate the operations of Bitcoin.The public is therefore advised to be cautious of the risks associated with the usage of such digital currency.The risk is seen that savings could be wiped out if the exchange is hacked or runs into financial troubles.There are many ways Bitcoin can use, either keep as investment, use it to pay products and services, payments for shopping, use it as a method to send money, like an international money transfer of sorts, and send it via the internet or can be used for donation.Some happened when Visa and PayPal refused to become payment method for Wikileaks donations, they asked people to give bitcoins instead.There are two (2) ways to get Bitcoin in Malaysia; mining and buying.Mining need an expensive equipment to start, not easy to get the profit as fast.The competition in mining Bitcoin also very challenging especially among Chinese miners.ONE Bitcoin mining machine costs thousands of ringgit, and also have to pay for electricity on top of that.

Chinese miners have dedicated factories filled with thousands of these equipment while they have cheap (or free) electricity.Otherwise, the fastest, is to buy Bitcoin.In this way, ask people to donate, or accept it as payment for the products/services you sell, or work for it.However, please consider the risks – Bitcoin is considered a high-risk investment, the value rises and falls randomly.Bitcoin transactions are not reversible.While the security in virtual transaction is a must because there are plenty of scammers.The most important is to manage where Bitcoin will be stored – hardware Bitcoin wallet.A check by Sunday Star shows that in Malaysia, there are at least 12 local Bitcoin-related groups on Facebook, including Malaybtc Bitcoin, Bitcoin Malaysia #1 Group, Bitcoin Malaysia Open Group, Bitcoin Malaysia (Trader), Cryptocurrency Malaysia (Bitcoin, Litecoin, Dogecoin, etc) and Malaysia Bitcom Info.According to reports, there has been an increase in demand for the digital currency in Malaysia followed by the weakening Malaysian Ringgits.