Jameson Lopp, a software engineer and Bitcoin (CRYPTO: BTC) advocate, while highlighting two significant busts involving the theft of Bitcoin mining equipment, questioned the objectives of the robbers behind doing so.
What Happened: Lopp took to X on Thursday to share news of two separate arrests made in connection with the theft of Bitcoin mining hardware. One arrest occurred in Los Angeles, while the other took place in Baton Rouge. Lopp pointed out the folly of such thefts, noting that the stolen devices quickly depreciate in value when not in use.
The Los Angeles Police Department recovered $579,000 worth of stolen Bitcoin mining computers and arrested a suspect. In the second case, the Baton Rouge Police Department unearthed 247 stolen machines and booked the suspect for illegal possession of stolen property.
Lopp pointed out the folly of such thefts, noting that the stolen devices quickly depreciate in value when not in use. “Don’t they know these devices rapidly lose value while sitting in storage?” he asked.
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Why It Matters: The theft of Bitcoin mining equipment is a growing concern in the cryptocurrency community.
These machines, which are used to solve complex mathematical problems to earn Bitcoin, are expensive and in high demand. However, as Lopp pointed out, their value rapidly decreases when they are not in use, making the thefts somewhat futile.
As of this writing, the largest Bitcoin miners by market cap are Marathon Digital Holdings Inc. (NASDAQ:MARA), CleanSpark Inc. (NASDAQ:CLSK), and Riot Platforms Inc. (NASDAQ:RIOT).
Bitcoin was exchanging hands at $57,048.21, falling 2.23% in the last 24 hours, according to data from Benzinga Pro.
Mohamed Hassan from Pixabay
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