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Historic Power Theft Linked to Illegal Bitcoin Mining Farm in Bulgarian Village

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Mon, 14/12/2020 - 17:54
Historic Power Theft Linked to Illegal Bitcoin Mining Farm in Bulgarian Village
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CEZ Group, one of the largest exporters of electricity in Europe, recently uncovered its biggest theft of electricity in Bulgaria to date.

According to a report published by Vesti, it was traced back to a mammoth Bitcoin mining farm in the small village of Herakovo.

Over 1,000 ASIC miners — which were stealthily hidden in an outbuilding of the village’s cooperative farm — were illegally connected to a medium-voltage network. All of them have been seized by police.

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Image by www.vesti.bg

The amount of power stolen by the unlawful mining operation would be enough to supply about 4,250 families with electricity for a whole month.    

Yet, the company claims that it is able to swiftly detect network losses and find locations with such anomalies because of ever-evolving technologies. Its anti-theft department immediately started investigating the situation in Herakovo once abnormal electricity consumption was detected.      

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Bulgaria is a huge Bitcoin hodler  

Bulgaria, a country with a population of seven million, frequently makes news because of its shady cryptocurrency miners.

In October, the U.S. Department of Justice (DOJ) seized a massive Bitcoin mining operation as part of its crackdown on transnational criminal organization QQAAZZ.

In August, two Bulgarian men got arrested for stealing $1.5 million worth of electricity with a Bitcoin mining operation in the small town of Kyustendil.

However, the most striking fact about Bulgaria's crypto industry is that its government is believed to be sitting on a $3.8 billion Bitcoin fortune after seizing 213,519 BTC from customs fraud scammers.

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