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Cryptocurrency news: Big Bitcoin Heist and Merriam-Webster legitimacy

The stolen computers could be used to mine virtual currency. (Source: VentureBeat)
The stolen computers could be used to mine virtual currency. (Source: VentureBeat)
A seemingly coordinated series of burglaries has taken place in Iceland leading to the loss of around US$2 million worth of computing equipment used to mine Bitcoin. The thefts actually occurred back in December and January, but they have only just been reported as Iceland’s police did not want to reveal details until their investigation had been completed. An estimated 600 devices were taken.

Iceland has become known for its numerous Bitcoin/cryptocurrency mining data centers that are dotted around the Nordic island. The country is able to produce large amounts of cheap renewable energy, which has attracted virtual currency (VC) mining companies because of the amount of energy required in the task of digging out digital tokens. Thieves targeted a number of operations and carried out four separate burglaries that snagged hundreds of pieces of equipment with an estimated value of around US$2 million.

Eleven people have been arrested in connection to what the local press have been calling the “Big Bitcoin Heist.” Although the equipment has not yet been recovered, it is believed officials are monitoring energy usage around the country in case of unexpected spikes that could indicate the stolen computers are being used for mining purposes.

In other VC news, the word “cryptocurrency” itself has just been accepted into the Merriam-Webster dictionary, where it can enjoy legitimacy alongside other newly added words such as schnoodle, glamping and embiggen.

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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2018 03 > Cryptocurrency news: Big Bitcoin Heist and Merriam-Webster legitimacy
Daniel R Deakin, 2018-03- 5 (Update: 2018-03- 5)