Bitcoin 

Crypto Miner Steals $5M Worth of Computing Power Using Identity of Riot Games Founder

The millionaire game developer, Marc Merril, was a victim of the Singaporean man who stole identities to utilize Amazon Web Services’ and Google cloud computing power for crypto mining. A case of stolen identity In a recently unsealed court filing on Nov. 7, Forbes discovered that Marc Merrill, the co-founder of Riot Games,  was the previously anonymous victim of Singaporian national Matthew Ho’s identity theft scheme. Riot Games is most famous as the developer behind the massively successful League of Legends. Ho allegedly used Merrill’s American Express credit card information…

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Bitcoin 

Kyrgyzstan Cuts Off Power to 45 Crypto Miners for Overconsumption

Authorities of Kyrgyzstan cut off power to 45 crypto mining firms as they consumed more energy than three local regions combined. Following the power cut, the head of the National Energy Holding Aitmamat Nazarov stated that the cryptocurrency mining is not defined under Kyrgyzstan law, local news agency AKIpress reported on Sept. 20. 136 MW of electricity used Nazarov elaborated that electricity consumption by local crypto mining firms does not fall within Kyrgyzstan’s energy distribution plan. The executive clarified that the 45 crypto miners consumed 136 megawatts of electricity, which…

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Bitcoin 

Bitcoin Network Computing Power Nears 90 Quintillion Hashes per Second

Bitcoin (BTC) has seen yet another sharp increase in its computing power after its network hash rate grew 25% in a week. Hash rate climbs to all-time high Data from monitoring resource Blockchain puts Bitcoin’s hash rate at 87 quintillion hashes per second (h/s) as of Sept. 3. Bitcoin network hash rate. Source: Blockchain The figure passed 80 quintillion h/s for the first time in early August, and has set new highs on an almost daily basis in recent months.  Hash rate refers to the overall computing power involved in…

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Bitcoin 

Malaysia’s Electric Utility Says Bitcoin Miners Stole $25M in Power

Malaysian power utility firm Tenaga Nasional Bhd (TNB) is tightening measures in a bid to stem the millions lost to electricity theft by Bitcoin (BTC) miners. According to an Aug. 15 report from EdgeProp, tampered electricity distribution boards used in local Bitcoin mining operations have cost TNB RM106 million ($25.3 million) as of June 2019. There have been 437 cases of mining-related power theft in Peninsular Malaysia over this time period, 370 of which were recorded in the state of Selangor. Up to 3 years imprisonment TNB is the sole…

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