Friday, April 19, 2024

Cryptocurrency mining | Hydro-Québec puts an end to electricity theft

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Maria Gill
Maria Gill
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(Montreal) Hydro-Quebec said it has put an end to electricity theft and fraudulent activities associated with cryptocurrency mining, which it suspects led to an estimated $2 million in losses.

The investigation enabled the company to determine that the illegal cryptocurrency mining activities carried out since last spring are linked to cases of fraud and electricity theft.

Cryptocurrency operations are accomplished using vast expanses of thousands of tiny computers designed to perform billions of attempts per second to confirm transactions, which consume a great deal of power.

The illegal mining activities took place at three addresses in the regions of Quebec and Chaudaire Appalachians, the town of Bauporte and Saint Damien-de-Bachland.

Hydro-Quebec investigators worked in coordination with the Sûreté du Québec, who conducted searches at two addresses last Friday.

The files will be submitted to the Director of the Criminal and Criminal Prosecution Office, who will assess the appropriateness of bringing criminal charges of fraud and electricity theft.

Hydro-Québec claims to handle approximately 400 cases of electricity theft each year.

The company also wishes to point out that tampering with the facilities presents a high risk of electrocution and fire.

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