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11 suspects of Bitcoin servers theft arrested by Iceland's Police

Mar 06, 2018 Posted /  3683 Views

11 suspects of Bitcoin servers theft arrested by Iceland's Police

Iceland was recently in news for the enormous amount of power supply that was being used in the country for mining of cryptocurrencies. Now the media reports have made it apparent that 11 people who were contemplated to the stealing of more than 600 computers, which were being employed for mining of cryptocurrencies have been arrested.

According to Associated Press (AP), the computers were stolen during four raids on data centres around Iceland. Notably, the country forms the perfect paradise for data centres as nearly 100% of the power generated in Iceland comes from the renewable sources.

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As per the reports only two suspects are retained in the custody and nine were able to get a bail. However, the Icelandic police have not been able to recover the stolen servers yet and police at present are contacting Internet Service Providers (ISPs), electricians and storage units. The AP reports that they are directing them to communicate unexpected acceleration and spikes in power utilization and also thoroughly look for other signs the stolen servers had been reconnected. The value of the seized computers has been evaluated as $2m (£1.45m).

As per last months reports by Iceland's HS Orka power generation company, they were witnessing an "exponential" surge in the volume of electricity being used in the data centres to mine and validate crypto-currency transactions. The statement resulted in the huge debate as the power company disclosed for the first time that the energy required for coin mining had far exceeded the entire power consumption by Iceland's 340,000 inhabitants to power their homes.

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Tags: mining of cryptocurrencies Mining arrested

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