Crypto mining has no doubt become a tougher task for many individuals around the world thanks to the birth of ASIC mining rigs. However, in a bid to stay in the crypto mining game and turn a profit, a group of six men in Germany have been arrested for stealing electricity in order to mine cryptocurrencies. The group was found with 30 GPU mining rigs running and consuming a whopping $250,053 worth of electricity – enough to power more than 30 homes over the same period of time.
Crypto Mining is More Expensive Than Ever Before
The official police report didn’t outline the cryptocurrencies that the group was mining, but there is a good chance that it was an altcoin, as mining Bitcoin using GPU rigs is virtually impossible. Due to this massive increase in difficulty – along with the falling price of cryptos across the board – JPMorgan has come out and said that mining cryptocurrencies is unprofitable. The truth, however, is rather different. Miners from all nations are still turning a steady profit, and if you mine on the right network you can still make a very good living.
Stealing Power is Commonplace
Unfortunately, this isn’t an isolated incident. People have been caught stealing power from the grid many times in the past. One crypto miner in China was arrested after stealing power from the train network. He directly tapped into the power supply the rail network was providing to trains and siphoned off around $15,000 worth electricity. Elsewhere, people have been caught stealing power from their workplace. Another miner in China was fired after the school he worked at caught him mining Ethereum without their consent. Schools receive a lower price for power than residential buildings, so he clearly thought it wouldn’t make a difference – turns out he was wrong.
It’s All About the Power
The crypto mining world is full of discussions and controversies, but they all revolve around the same thing – power. Having access to the cheapest power means that you can be the most profitable miner and make good money in the process. While a lot of power in the crypto mining scene is from coal and nuclear-fired power plants, more than 77% of the power used is from renewable sources. This renewable power is ultra-low cost and help miners remain profitable, even during tough economic times.
While low-cost renewable energy is highly desirable, a few miners are willing to risk everything and steal power in the hopes of striking it rich. For a small period of time these miners can get away with it, but eventually someone will notice the surge in demand for power. Stealing power is never a long-term option, with the repercussions of such definitely not being worth the risk.