Police in eastern city of Zhenjiang confiscate almost 4,000 of bitcoin mining devicesPolice in eastern China have cracked down on a ring of illicit bitcoin miners who stole nearly $3m (2.4m) worth of electricity to generate the digital currency, prompting a local power company to tip off investigators, authorities said.Police in Zhenjiang, in eastern Jiangsu province, said officers confiscated almost 4,000 mining devices from an illicit bitcoin operation that stole nearly 20m yuan in power.Cryptocurrencies are an alternative way of making payments to cash or credit cards. The technology behind it allows the money to be sent directly to others without it having to pass through the banking system. For that reason they are outside the control of governments and are unregulated by financial watchdogs and transactions can be made in a way that keeps you reasonably pseudonymous. Related: Donald Trump: Bitcoin and cryptocurrencies aren't money Continue reading...

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