Police in eastern China have busted a ring of illicit bitcoin miners who stole nearly $3 million worth of electricity to generate the digital currency, prompting a local power company to tip off investigators, authorities said Friday. The mining process can be very expensive on a large scale because it requires cutting-edge technology and vast amounts of electricity. "In value, it is the largest case in the amount of electricity stolen that Jiangsu has cracked since the founding of New China, and a rare sight in the whole country," Zhenjiang police said in an online statement.
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