Crypto Frontline

Bitcoin Miners Hunted by Iceland’s Police

Bitcoin Miners Hunted by Iceland’s Police

Bitcoin Miners Hunted by Iceland’s Police
March 05
05:55 2018

According to the local media in Iceland, there had been reported that a few hundred Bitcoin mining hardware had been stolen. According to The Associated Press, there are around 600 devices stolen, which had disappeared in December and January.

Many other incidents took place in the past

This could be included in a list of the most important Bitcoin thefts. However, it is the first reported activity when the people involved had taken the hardware, not Bitcoin coins. According to the officials, the damages are estimated to around $2 million, as the devices were quite expensive.

Thus far, as the latest information is showing, 11 people had been arrested, including a security worker, all of them being suspected of having a connection with the investigation.

Iceland is the home of a big Bitcoin mining ecosystem thanks to the industry dedicated to data center and to the access to geothermal energy. Mining for cryptocurrencies is extremely popular, since there is no taxation for it, at the present time.

The theft operation that had been described above had been called the “Big Bitcoin Heist” due to the high value of the devices stolen. The situation proves again why precautions are needed and show to the people that the safety is reduced unless they take precautions.

The news did not have an impact on the Bitcoin price thus far, which is still trading on the upside. There had been another theft similar to this, in North Carolina, United States. The incident took place in 2016 and there had been reports that 165 Bitcoin mining devices had been stolen.

Due to their high price and due to the fact that Bitcoin price is the highest in the market, mining devices are pretty appealing to thieves.

You should be careful if you own devices for Bitcoin mining. Also, your digital coins, whether is Bitcoin or another cryptocurrency, should be kept in a safe place, like a hardware wallet. The increased security level can help you in a theft situation and you will be able to recover your loss pretty easily, without too many headaches.