Alleged Utility Theft for Bitcoin Mining Leads to Lawsuit Against Minnesota Couple
A power distribution cooperative in Minnesota, North Star Electric Cooperative, has filed a civil suit accusing a former couple, Ryan Jaenicke and Tina Fehlhaber, of stealing a large amount of electricity to power a bitcoin farm in Roosevelt. The cooperative discovered a significant loss of power in its distribution network last year, leading to an investigation. During an inspection, unauthorized equipment and cryptocurrency mining units were found on Fehlhaber’s property. Jaenicke, known for his Youtube channel “Degenerate Passive Income,” is alleged to be the mastermind behind the operation. The lawsuit, brought forth by North Star, highlights the extensive nature of the alleged theft.
Attempts by Jaenicke to bribe a North Star employee for more power access were rejected, and while the county attorney’s office initially declined to prosecute, this decision may change if new evidence emerges. North Star is seeking damages of at least $50,000 and the disgorgement of all profits obtained through the alleged electricity theft. Joel Fremstad, the cooperative’s lawyer, emphasized the severity of the theft and compared the electricity consumption to that of a school or commercial building. The unauthorized equipment has been disconnected and the case has been reported to law enforcement.
If found liable, Jaenicke and Fehlhaber could face significant financial repercussions, including paying double the amount of electricity stolen plus any profits from the crypto mining, as mandated by Minnesota law.
Hot Take: Minnesota Couple Accused of Stealing Electricity for Bitcoin Farm
A Minnesota couple is facing a lawsuit after allegedly stealing a substantial amount of electricity to power their bitcoin mining farm. The couple is accused of operating a well-orchestrated scheme to steal power from a power distribution cooperative, resulting in potential losses of hundreds of thousands of dollars. The seriousness of the theft is highlighted by the comparison of the electricity consumption to that of a school or commercial building. The cooperative has taken action by disconnecting the unauthorized equipment and reporting the case to law enforcement. If found guilty, the couple could face severe financial consequences under Minnesota law.
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