ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.


24hr ---

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story


Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
Ether Price Analysis
Contact Us
ETHNews will sunset at the end of August. The site will remain accessible for a few weeks while necessary maintenance is performed. Thanks, as always, for reading.

$15 Million In Bitcoin And Ether Allegedly Mined By Electricity Thief




The means were likely illegal, probably unethical, and definitely amusing.

According to a report from EBC Dongsen News on Wednesday, December 26, Taiwan's Criminal Investigation Bureau arrested a man over charges that he had been stealing electricity to mine cryptocurrencies. The man, who was identified only by his surname, Yang, allegedly mined nearly 100 million yuan (about $15 million) worth of bitcoin and Ether using stolen electricity from 17 different businesses.

Yang's methods aren't made totally clear, but, apparently, he would rent an internet café or a toy store from its owner, then hire electricians to redesign the wiring so that the stolen electricity would not be metered. He continued to pay rent, owners didn't ask questions, and Yang was able to steal up to NT$100 million (about $3.25 million) worth of electricity to mine crypto.

The report states that the Taiwan Power Company, a state-owned utility provider, noticed an unstable power supply in one of the stores, which led to an investigation. Eventually, it was discovered that Yang's own electricians were able to break into the sealed meters in order to add private lines that would use electricity before it reached the meters, according to Wang Zhicheng, deputy head of the fourth brigade of Taiwan's Criminal Investigation Bureau.

Stealing electricity to mine cryptocurrency isn't new. Just last month, Hong Kong news outlet HK01 reported that two principals at a Chinese school were caught using the school's IT network to mine Ether. In March, the Tampa Bay Times reported that Matthew McDermott, an IT manager for Florida's Department of Citrus (FDoC) which oversees the state's citrus industry, used the FDoC's electricity to mine cryptocurrency and purchased 24 graphic processing units to be used for mining with his agency-issued card.

Not to make light of the thievery, although the lengths to which these thieves allegedly go makes it hard to not come across tongue-in-cheek, but with stories like these, it seems there is an incentive problem. Although at one point some thought cryptocurrency was such a good investment that they might have changed career or invested their savings to go into mining, that no longer looks like a wise move. Volatility is at an all-time high and at-home mining is at an all-time low due to it being prohibitively expensive in the bear market.

Regardless of where the market stands, people want to make money, and some are willing to cut corners to do it.

Nicholas Ruggieri

Nicholas Ruggieri studied English with an emphasis in creative writing at the University of Nevada, Reno. When he’s not quoting Vines at anyone who’s willing to listen, you’ll find him listening to too many podcasts, reading too many books, and crocheting too many sweaters for his dogs, RT and Peterman.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Taiwan, crypto mining or other Ethereum world news.