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.
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 ecosystem to ensure legal certainty and prioritize protection for the public as customers.”
Overall, this reflects a balanced approach that combines stringent law enforcement against illegal activities with the creation of a regulated, transparent trading environment. By establishing this crypto exchange, Indonesia also aims to safeguard investors and position itself as a forward-thinking player in the global digital economy.
Top crypto platforms in the US | January 2024
Coinbase
Explore →
iTrustCapital
Explore →
UpHold
Explore →
eToro
Explore →
BYDFi
Explore →
Explore more
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
This article was initially compiled by an advanced AI, engineered to extract, analyze, and organize information from a broad array of sources. It operates devoid of personal beliefs, emotions, or biases, providing data-centric content. To ensure its relevance, accuracy, and adherence to BeInCrypto’s editorial standards, a human editor meticulously reviewed, edited, and approved the article for publication.
The post Indonesian Authorities Quash Illegal Multi-Site Bitcoin Mining Operation appeared first on BeInCrypto.
