THE CHINESE GOVERNMENT CONFISCATED THE BITCOIN MINING EQUIPMENT AND IT'S A MESS.

China has turned its eye on domestic Bitcoin (BTC) miners this time around after bans it imposed on domestic cryptocurrency exchanges in recent months and decisions by some to close them.

China's Pressures Are Rising
According to a report published by The Cointelegraph, 7,000 cryptocurrencies of mining equipment were confiscated due to illegal electricity consumption. The incident, which took place in Tangshan, China, was a joint operation by the electricity administration and police. In total, 70,000 houses and 3,000 shops were searched thoroughly. Police, who have toured suspicious areas identified by electricity firm employees, confiscated 6,900 Bitcoin mining devices and 52 high voltage conversion tools.

In fact, the origins of the investigation date back to mid-2019, and it all began after the electricity firm reported electricity use from a small village to a city. As a result of the widening of the investigation, seeing the amount of electricity unchanged both day and night, power firm officials began to think it could be mining.

Miners who left their ASIC devices on 24/7 either didn't realise or didn't care that this was spending on average 40 times more electricity than a normal family used.

What the final decision will be for the captured miners and the mining equipment worth a fortune seized is yet to be finalised. China, seen as one of Asia's superpowers, has also made significant progress in the development of its own digital currency. Chinese MB officials recently also underlined that this does not resemble Bitcoin.