Reports claim that electricity theft has increased by more than 75% since 2012 in the UK. Cryptocurrency mining, cannabis farms and high costs of living are believed to be the three main reasons for electricity theft.
although Cryptocurrency mining is a business Rewarding, energy-intensive and requires a large amount of electricity. Therefore, many bad actors have found loopholes to mine cryptocurrencies by stealing electricity.
Has cryptocurrency mining caused an increase in electricity theft in the UK?
According to the BBC, There was more than one 3500 theft cases Electricity in the United Kingdom during 2021-2022. The post explained the theft of electricity:
“Electricity theft occurs when meters are tampered with or bypassed to avoid paying for power. “It can leave live wires exposed, and often involves bypassing fuse boxes, which increases the risk of appliances overheating or catching fire and dying.”
Although cases By 75% since 2012There has been a significant increase in electricity theft activity following the first coronavirus (COVID-19) lockdown in the UK.
Charlie Pugsley, Deputy Commissioner of London Fire Brigade, Believed to grow hemp Cryptocurrency mining is behind the increase in electricity theft.
In 2021, West Midlands Police He discovered an illegal Bitcoin (BTC) mining operation where more than 100 devices were connected to bypass the power supply.
Read more: What is cryptocurrency mining? And how is that done?
Cryptocurrency mining is an energy-intensive business
naturally, Cryptocurrency mining is a business Which consumes a lot of energy and requires huge capital investments to carry out business operations.
With the increasing difficulty of mining And the Hash rateSome legitimate cryptocurrency mining companies are at risk of becoming unprofitable.
he Electricity cost It is one of the highest recurring expenses for mining companies. But criminals avoid this cost by stealing electricity.
Earlier this week, BeInCrypto reported that criminals were at work Bitcoin mining rigs inside Tocorón prison in Venezuela, using prison electricity.
Apart from the UK, electricity theft by miners is a major problem for authorities in Malaysia. In March 2022, BeInCrypto reported this Cryptocurrency miners stole about $2 million In electricity in 2021.
Disclaimer
Disclaimer: In compliance with Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on such content.
“Subtly charming bacon junkie. Infuriatingly humble beer trailblazer. Introvert. Evil reader. Hipster-friendly creator.”