By Ron Howells • Published: 20 Aug 2021 • 23:04
Police dismantle illegal cryptocurrency mining farm in Toledo
Police dismantle illegal cryptocurrency mining farm in Toledo. Spanish National Police have dismantled a cryptocurrency farm located in a villa in the Toledo municipality of Yeles, a woman has now been charged with fraudulently obtaining electricity.
The woman had apparently used an illegal connection to ensure continuous free electricity to the facility which used 111 processors and “sophisticated” refrigeration, smoke and heat extraction equipment, according to a report from the National Police.
In cryptocurrency mining, profitability depends on low electricity prices, which is why the person under investigation was using an illegal connection to the low-voltage distribution network through a three-phase connection.
Given that cryptocurrencies are sometimes used as a common means of payment in illicit activities linked to technological crimes and for money laundering, the investigation is still open for the full clarification of the facts.
The rise of virtual currencies, especially bitcoin, has seen its price appreciate strongly during the last three years, which has led many people to dedicate themselves to cryptocurrency mining.
To obtain a new currency, it is necessary to solve complex algorithms by means of computers, which need days of working to achieve it. This process is known as “mining” cryptocurrencies.
More than 70% of the world’s cryptocurrency mining is concentrated in China, a country where the price of energy is very cheap, in part, because the most polluting energy sources, such as coal plants, continue to weigh heavily in the energy mix.
According to various investigations, the annual energy consumption for mining virtual currencies is equivalent to the annual consumption in Argentina, which has raised criticism from environmental groups.
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Ron actually started his working career as an Ophthalmic Technician- things changed when, during a band rehearsal, his amplifier blew up and he couldn’t get it fixed so he took a course at Birmingham University and ended up doing a degree course. He built up a chain of electronics stores and sold them as a franchise over 35 years ago. After five years touring the world Ron decided to move to Spain with his wife and son, a place they had visited over the years, and only bought the villa they live in because it has a guitar-shaped swimming pool!. Playing the guitar since the age of 7, he can often be seen, (and heard!) at beach bars and clubs along the length of the coast. He has always been interested in the news and constantly thrives to present his articles in an interesting and engaging way.
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