A Former Chinese Official Sentenced to Life in Prison for Bitcoin Mining Operation
A former Chinese government official, Xiao Yi, has been sentenced to life in prison for his involvement in a secret Bitcoin mining operation. Yi abused his power by providing financial and electricity subsidies to a company called Jiumu Group Genesis Technology, which operated over 160,000 Bitcoin mining machines. Here are the key points:
– Xiao Yi admitted guilt and returned the stolen funds.
– He attempted to conceal the operation through fabricated reports and manipulated data.
– The illicit mining operation accounted for 10% of the city’s electricity consumption.
– Yi was also charged with corruption for bribery activities spanning from 2008 to 2021.
– China enforces a strict ban on all crypto-related activities, but still accounts for 21% of the global Bitcoin hash rate.
Despite China’s efforts to crack down on crypto, it remains a major player in the Bitcoin mining industry. Yi’s sentencing highlights the seriousness with which the Chinese government is treating illegal mining operations and corruption.
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