Home » Uncovering the Cryptocurrency Mining Scheme of a Former Massachusetts Employee

Uncovering the Cryptocurrency Mining Scheme of a Former Massachusetts Employee

by Lisa Zheng

Nadeam Nahas, a 39-year-old former US state of Massachusetts employee, is facing charges of setting up a cryptocurrency mining operation in the basement of Cohasset High School. It is alleged that he stole nearly $17,500 worth of electricity to power his 11 computers, which were hidden in a crawl space next to a cooling system. The police first became aware of the illegal activity in December 2021, and the investigation revealed that Nahas was the main suspect. He was supposed to appear in court earlier this week but did not show up, resulting in a default warrant being issued for his arrest.

Massachusetts has among the highest energy prices in the US, with kWh costing around 28 cents. This has meant that it has not become a popular destination for bitcoin mining. Texas, however, has become an attractive destination for miners due to its relatively cheap electricity prices, vast territory, favorable climate conditions, and crypto-friendly authorities. Chinese miners have also been relocating their businesses to the Lone Star State following China’s blanket ban on all cryptocurrency activities in 2021. Riot Blockchain and other industry leaders are located in Texas.

Popular News

Leave a Comment

Ads Blocker Image Powered by Code Help Pro

Please support us to continue to provide free news for everyone

We have detected that you are using extensions to block ads. Please support us by disabling these ads blocker.

Powered By
Best Wordpress Adblock Detecting Plugin | CHP Adblock