Suspects arrested for illegal crypto mining in Hong Kong care homes

Hong Kong police have arrested two individuals who stole electricity from two care facilities to power cryptocurrency ￰0￱ Hong Kong police revealed that the two suspects, aged 32 and 33, allegedly set up eight devices in the ceilings of two offices and tapped into the care home’s power and internet ￰1￱ police statement showed that five cryptomining appliances were recovered from the Sham Shui Po institution and another three from the Kwun Tong care ￰2￱ appliances reportedly drew close to HK$8,000 and HK$9,000 (US $1,153) in monthly electricity ￰3￱ Kong police urge institutions to monitor spikes in power consumption Police inspector Ng Tsz-wing of the Sham Shui Po technology and financial crime squad revealed through an exclusive interview with the South China Morning Post that the case was reported on Thursday, September 4, when IT staff at the Sham Shui Po home care detected a slow network ￰4￱ troubleshooting revealed that unauthorized concealed devices were draining excess power and internet bandwidth.

A similar case was also reported in Sau Mau ￰5￱ Hong Kong police arrested the two suspects on Friday, September 5, in Mong Kok and Sham Shui ￰6￱ energy engineering firm employed the two technicians and allegedly installed the equipment during a planned renovation of the facilities in ￰7￱ police believe the suspects acted individually, not as part of a wider ￰8￱ individuals now face charges of abstracting electricity, which may carry a maximum of five years in jail under the Hong Kong Theft ￰9￱ police inspector Ng urged organizations to pay close attention to contractors during installations and watch out for unusual spikes in electricity bills. “ The public should also pay more attention to electricity bills or network usage and make relevant checks and notify police in case they find some suspicious circumstances.” -Ng Tsz-wing, Hong Kong police inspector Shanon Squires, Chief Mining Officer at Compass Mining, revealed in an interview that electricity theft for crypto mining is both unlawful and ￰10￱ said it goes beyond the core tenets for many Bitcoiners, such as private ￰11￱ noted that unauthorized mining directly takes someone’s property without permission and harms them with the ￰12￱ rewards drop by 50% following the 2024 halving Digiconomist research estimated that Bitcoin mining generates an annual carbon emission similar to Belgium’s and energy use identical to Thailand’s.

The arrest follows a similar one earlier this year, when Thai police raided three abandoned houses in Pathum Thani province, capturing 63 appliances illegally connected to utility ￰13￱ UK is also no stranger to such ￰14￱ in West Yorkshire found an operation in Bradford using diverted ￰15￱ reported that over $3.5 million was lost in stolen electricity from illegal miners in the first half of ￰16￱ reported last month that Bitcoin miners recorded high profits since the 2024 ￰17￱ report cited a note by JP Morgan analysts Reginald ￰18￱ and Charles Pearce, who noted that miners earned an average of $57,400 per exahash per second (EH/s) in daily block rewards.

However, mining rewards have dropped by 50% since the halving in 2024 and increased difficulty by 9% in ￰19￱ landscape has driven the mining operational costs and competition compared to the potential ￰20￱ Holdings , one of the noted crypto mining firms, recorded a revenue of $238 million, which was up 64% year over year, and a net income of $808 million, largely driven by the Bitcoin gains in ￰21￱ up to Bybit and start trading with $30,050 in welcome gifts