Bulgarian authorities have arrested two men for illegally siphoning more than $ 1.5 million worth of electricity to operate two crypto-mining companies.
According to a report from August 14 from Bulgaria Today, two men have been arrested in connection with the theft of $ 1.5 million of electricity used for mining Bitcoin (BTC) in the small town of Kyustendil.
Representatives of the Oblast Directorate of the Ministry of the Interior (ODMVR) and CEZ Electro Bulgaria spoke at a news conference, stating that the two Bulgarian citizens from Sofia, 31 and 38 years old, were caught forcing power on their two illegal crypto-mining farms for 3-6 months. Evidence, however, suggests that the mining equipment had been there for more than a year.
CEZ deputy director Philip Yordanov said this was “the biggest theft” of electricity the utility company had ever discovered. The amount stolen was enough to send to the neighboring town for about a month.
The two men were detained by police for 24 hours before being released to await trial.
Not unique to Europe
Unscrupulous crypto-miners in many countries have tried to shut down the network as they become more aware of the profitability of tokens.
One of the biggest thefts occurred in China in July 2019, when 22 suspects were arrested after they were reportedly involved in an illegal crypto-mining farm with $ 3 million in stolen electricity. Police confiscated 4,000 mining rigs at nine different factories.
Russian authorities have also tried to target Bitcoin miners who steal power. In June, police arrested a 30-year-old miner accused of stealing nearly $ 500,000 in electricity from the state grid. Another suspect and his nine suspects were arrested in March in a similar incident in which the theft of $ 200,000 in electricity each month to mine crypto.
