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Indonesian police authorities have shut down 10 illegal Bitcoin mining operations, underscoring a firm stance against electricity theft in the crypto sector. The North Sumatra Police Force led the operation, targeting multi-site Bitcoin mining activities across Indonesia. This resulted in the confiscation of 1,134 Bitcoin mining rigs, along with other various electrical cables and computer equipment. Indonesia Crack Down on Illegal Bitcoin Mining and Energy Theft North Sumatra’s Police Chief, Irjen Agung Setya Imam Effendi, highlighted the illicit nature of these operations, stating, “As we can see here, this is the PLN box. However, the electricity flow inside it is not the proper flow that should enter the box and be measured by the meter. Instead, what they took is the upper part, where electricity is taken directly from the pole and channeled inside.” This illegal tampering with electrical circuits has reportedly led to a significant financial toll, estimated at 14.4 billion Indonesian rupiahs, approximately $935,666. The crackdown in Indonesia is not an isolated incident but part of a broader global trend addressing illegal cryptocurrency practices. Similarly, a Chinese official was recently sentenced to life imprisonment for facilitating similar illegal Bitcoin mining activities. These international actions reflect growing concerns over the ethical and legal dimensions of cryptocurrency mining. Read more: How To Mine Cryptocurrency: A Step-by-Step Guide A National Crypto Exchange In July 2023, the Indonesian government launched a national crypto asset exchange. This initiative represents a significant effort to regulate and also legitimize crypto trading within the country. Value of crypto transactions in Indonesia, 2020-2022. Source Statista Didid Noordiatmoko, head of the Commodity Futures Trading Regulatory Agency, emphasized the government’s commitment, stating, “The establishment of the exchange, clearing, and crypto asset storage place management is proof of the government’s presence in efforts to create a fair and just crypto asset trading…

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Filed under: News - @ January 2, 2024 9:22 am