600 Bitcoin Mining Computers Stolen in Iceland

March 5, 2018 by Adrian Thorpe

If there is one industry that is flourishing in Iceland right now it is the Bitcoin mining industry, however for a country that is not best known for its crime rate, Iceland is experiencing an increase in crime currently, and it has just been reported 600 Bitcoin mining computers have been stolen!

There is of course a lot of money to be made mining Bitcoin, however one aspect of doing so that has put of many people even trying to do so is this initial cost of getting the hardware to mine, however that does not appear to put off those determined criminals wanting to get in on the Bitcoin action.

At the time of going to press a handful of arrests have been made, but whether any of the computers have so far been recovered remains to be seen.

This recent crime however does put focus on the Bitcoin mining community, and whilst many miners do ensure they have some of the best security systems protecting their equipment, if there is something of a concerted effort to hunt for and steal such equipment then it doesn’t matter how good your security system is, as crooks will always find a way around it.

Some conspiracy theorists are already declaring it is other miners who are involved in the theft of mining hardware, as the fewer miners around the more chance they have of then mining new Bitcoin!

Security of Your Digital Assets

You should always be on your guard regarding the security of your digital assets, and never be under the impression that even though you may only have a small number of cryptocurrencies, no one is ever going to want to steal them.

It is often the case the those that are new and inexperienced in the cryptocurrency environment are always going to be at risk of other people trying to steal their Bitcoin and other digital assets and as such there are several steps that you should take to protect your assets from attack and theft.

One of the very easiest ways that you are going to be able to protect your digital wallet is by only ever storing the pass word phrases, private keys and your password offline and storing them somewhere that only you know they are kept.

Try and avoid keeping them stored on a file on your computer for example, for even if they are never compromised , there is always the chance your computer could get stolen or damaged beyond repaid and if that does happen then if you have not made a note of the access codes to access your digital wallet you have very little chance of ever getting access to that wallet again.

Always treat your cryptocurrencies as you would cold hard cash, for there are always going to be people dreaming up new and imaginative ways to separate your cryptocurrencies from you, and that is something no one is ever going to want to experience.

A Word of Warning About Lending Platforms

If you have never bought Bitcoin before or for that matter any other of the huge number of cryptocurrencies currently in circulation, then you need to be on your guard against all manner of get rich quick schemes that are trying to relieve you of your hard-earned cash.

Many first-time cryptocurrency users are going to be tempted to invest their funds in schemes such as lending platforms, those being companies that are offering huge returns on your investment if you send them Bitcoin or a range of other digital currencies.

Take for example BitConnect, that was a lending platform that was promising returns of around 1% per day, and users of their ending platform would send them their Bitcoin and then hope to benefit from that unbelievably high return.

However, it wasn’t very long before BitConnect was uncovered for what most people knew it was, that being a Ponzi scheme, and a very large number of people saw their supposed investments turning to dust and many people did lose a fortune investing in that lending platform.

Whilst there are some huge profits to be made investing in Bitcoin and other digital and cryptocurrencies at that end of the day there is no magic system or strategy that will guarantee you getting a huge return on your investment, it is all down to luck and you being able to buy cryptocurrencies when they are low in value and then sell them on if and when they rise in value.