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Police Crackdown on Unauthorized Crypto Mining Operations in Hong Kong

Hong Kong has recently witnessed a significant rise in illegal cryptocurrency mining operations, prompting police intervention.

Two technicians were arrested for allegedly siphoning electricity from care homes to power their hidden mining rigs.

Their operation, which resulted in hefty electricity bills, was uncovered after staff reported slower internet performance and spikes in power consumption.

Upon investigation, authorities discovered eight mining machines cleverly concealed above the ceilings of the facilities.

This case underscores the critical need for vigilant monitoring of contractors and infrastructure during facility upgrades.

With Hong Kong's Theft Ordinance carrying a five-year maximum penalty for unauthorized electricity use, the crackdown is expected to deter similar incidents.

Industry experts warn that illegal mining operations not only threaten public safety by straining electrical systems but also violate Bitcoin's foundational principles of property rights.

The rising trend of unauthorized crypto mining is not isolated to Hong Kong, with similar reports surfacing in countries like Thailand and the UK.

As global cryptocurrency mining continues to expand, regulatory bodies are sharpening their focus on both its environmental impacts and security concerns.

Authorities encourage public vigilance to help combat illegal activities and ensure compliance within the rapidly evolving crypto sector.