In a scenario dubbed “Big Bitcoin Heist,” thieves invaded data centers and made away with about 600 computers used for digital currency mining.
Iceland local police are mystified by this occurrence, stating that the series of robbery is the biggest they have ever witnessed. Doubly, the entire value of the theft estimates to about $2 million or slightly more than $3,300 per machine.
The police arrested 11 people following the robbery as they are linked to the stealing of the 600 powerful computers used in mining cryptocurrencies such as bitcoin among others.
Cnet reported that most of the computers that were stolen from the Icelandic server firm Advania, the robbers were captured on CCTV. Advania had been offering access to mining machines for its customers.
Iceland authorities are currently tracking energy consumption in the country in an attempt to find a lead for the missing computers. In any case, the machines are activated, it would likely “place a strain on the grid,” and that could help the police to locate the thieves easily.
In other reports, it said the heist wasn’t a massive invasion of data centers in Iceland in the night. Three other burglaries had happened before in December when the fourth took place in January. Police did not report the previous robberies but waited until the fourth then arrested 11 individuals before going public.
Why are crypto mining practices best in Iceland? The country’s geothermal and hydroelectric power plants offer affordable, renewable energy essential for powering of the PCs used in digital mining currency.
The “mining” aspect means the PCs help in maintaining the actual digital currency platform, whether it is Bitcoin or Ethereum, and in return receive digital coins. The value of one bitcoin at the moment is it is $11,561 in North America.
And speaking about what fuel the theft. Digital currency can neither be traced nor is it maintained by a single government. With the 600 computers, the thieves could generate millions of cash without being discovered.
However, the only drawback is power. These PCs need power for mining digital coins, that’s why the police are keeping a close eye on Iceland for large amounts of power consumption hoping to get a lead on the location where machines could be.