Young man causes R $ 10 million loss by mining bitcoin in electricity company

Charlie Taylor

Tan Joe Pheng, 26, is wanted by the Malaysian police for causing a millionaire loss to Southeast Asia's largest electric power company. It is not new today that bitcoin mining is a profitable business. With the appreciation of cryptocurrency, which did not reach cents to mere cents 10 years ago and is now worth R $ 300 thousand, many entrepreneurs have ventured into the discovery of new coins by setting up so-called “mining rings” or investing millions in real bitcoin farms. . Read too: Farm to mine Bitcoin the size of 57 football fields will open in the U.S.However, the difficulty of mining increases as more users try to mine the crypto – this way monetary inflation is avoided and the stability of the network is guaranteed. The mining power of btc is so great that not even if all the supercomputers in the world come together they can match the network.

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In many countries, among them Brazil, energy is expensive and that prevents and intimidates a good part of the businesses in this area. It was not the case of Joe, the young man would have executed a great scheme to use the energy It was not the case of Joe. He allegedly used 18 facilities by the company Tenaga Nasional to run 317 specific bitcoin mining machines, according to the indictment. The loss for the electric company is estimated at R $ ~ 10 million. So far Pheng is unpunished, but his cronies have been arrested. The police arrested 6 individuals apparently linked to the operation, some believed to be Joe's brothers. “I ask the public for anyone who has information about the suspect to inform the police. The suspect is also urged to surrender to the nearest police station ”- asked Datuk Abdul, head of the local police. Has anyone seen Joe around? Be careful, he may be mining some crypto while you are distracted. Want to learn more about bitcoin mining? Listen to our podcast “Conexão Satoshi # 02 – The bitcoin mining game”, also available on Spotify. Read too: Venezuela creates Bitcoin mining state

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