Thursday, February 22, 2024
HomeTop NewsMines for mining "bitcoin" in Lebanon ... with stolen electricity

Mines for mining “bitcoin” in Lebanon … with stolen electricity

Published on

spot_img

The National Authority for the Litani River said authorities had taken the initiative to seize and demolish equipment in mining shops used for cryptocurrencies following a breach in the power grid.
The cryptocurrency mining process takes place in a complex process that requires high power consumption, a problem that has recently been fought in China, Iran, Ukraine and other countries in East Asia, given its illegal operation.
Mining is the process of creating a new currency using computers to solve algorithms and understand complex mathematical codes. Bitcoin users, also known as “miners”, protect data and trades and record them in accounting networks, each called a “blockchain”.
Miners use powerful computer hardware, such as a GPU (graphic processing unit) or, more realistically, an application-specific integrated circuit that can cost anywhere from $ 500 to tens of thousands. The network requires a lot of electricity to run interconnected computers, but its financial returns are so high that it accounts for a quarter of the value of the digital currency “Bitcoin”, which is now about $ 40,000.
In light of the long hours of power outages across Lebanon, strong bitcoin mining activity seems to have taken place in the Jessin and Chouf areas, where virtual miners make the most of the availability of electricity, and it is generated from hydropower. Stations on the Litany River.
The National Authority for the Litani River said today in response to letters sent by the authority to the relevant authorities asking them to remove supply chain violations and power theft in the Jazin, Iqlim al-Tufa and al-Shuf areas. Mining shops used for encrypted currencies, especially those taking advantage of the Avalley station due to its illegality and high energy consumption. “” In light of supply chain violations and village power theft. Towns fed from the medium tension lines at Avalley Station, ”said the concerned authorities, in collaboration with the Jessin Municipality, have taken the initiative to seize and dismantle equipment in mining shops used for encrypted currencies, which will help reduce this. Line number 1 of the line.

See also  Leaked ... Pixel Pass, a paid package from Google, including all major services, is ready to turn Pixel into a new model every year.
Commenting on the statements of Electricity du Liban and the Litany Authority, the Federation of Jess Municipalities issued a statement saying, “There is no power outage or theft in our area, even the operating mining machinery, their number is very small.
The union demanded that “those involved in the Electricity Corporation and the security forces implement the same order in neighboring areas as in the Jessen area, preventing network violations, stealing electricity and stopping mining.” We do not consider it necessary to comment on such fabrications. ”

He said that the authority’s statement regarding water sources for the supply of hydropower plants (Jessin Falls, Circa Spring) was clear and therefore the entire administrative area of ​​Jessin had the right to benefit from the electricity generated by the hydropower plants. The inclusion of new areas is unacceptable, leading to the complete collapse of the network. ”


Latest articles

5 Ways To Bet Responsibly in Ireland

From the thrill of soaring through the sky while skydiving to the adrenaline rush...

Ireland Must Appoint Carsley Despite Given’s Comments

Stephen Kenny's reign as Ireland manager came to an abrupt end after they failed...

HOW DID BINGO BECOME ONE OF UK’S LEADING FORMS OF ENTERTAINMENT?

Bingo did not originate in the UK, yet it was ingrained in the culture,...

Blackjack: Six Tips to Help You Win at Irish Casinos

If you are a fan of blackjack and enjoy trying your luck at Irish...

More like this

5 Ways To Bet Responsibly in Ireland

From the thrill of soaring through the sky while skydiving to the adrenaline rush...

Ireland Must Appoint Carsley Despite Given’s Comments

Stephen Kenny's reign as Ireland manager came to an abrupt end after they failed...

HOW DID BINGO BECOME ONE OF UK’S LEADING FORMS OF ENTERTAINMENT?

Bingo did not originate in the UK, yet it was ingrained in the culture,...