(Yicai Global) July 12 -- Police in China's Jiangsu province have arrested a syndicate who stole CNY20 million (USD2.9 million) worth of electricity to power 4,000 bitcoin mining rigs.

A crack team in Zhengjiang city busted 22 people red-handed on May 20 after a two-month investigation, Xinhua reported today. Police have since seized 12 properties and are still on the case after identifying the ringleader as somebody surnamed Lan.

A local power company told police in March that several buildings with low meter readings had been consuming vast amounts of electricity since 2018. It was unable to detect the root of the problem so suspected the people within the buildings were stealing power.

Bitcoin, likely the best-known cryptocurrency worldwide, is mined digitally. The equipment used to mine the digital coin consumes vast amounts of power -- between 25 and 30 kilowatts a day -- and also produces masses of heat waste resulting in the need for more electricity to keep rigs cool.

Editor: James Boynton