Illegal Mining

by | Sep 17, 2021

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Mining cryptocurrency is an expensive process, especially if you’re doing it illegally. I’m Brian Banmiller on Business.

For the past twenty-one years Christopher Naples has worked for Suffolk County in New York. Now he is accused of secretly installing dozens of machines in a cryptocurrency scheme. The county district attorney says he installed forty-six devices throughout the area in locations such as an unused electrical wall panel or underneath floorboards. Some devices had been in place since the beginning of the year. He is accused of using the devices to mine Bitcoin and other types of cryptocurrency. The process involves computers solving complex math equations which can result in heavy electricity usage and high cooling costs. In a statement, the district attorney said miners have to navigate how to cover all those electricity and cooling costs. Unfortunately, Naples chose to use money from taxpayers and cost the county at least six thousand dollars in additional bills. Now he faces charges of public corruption, grand larceny and computer trespass. His lawyer has not commented. If convicted of the top count against him, Naples faces up to fifteen years in prison. Brian Banmiller, CBS News.

Brian Banmiller

About Brian

CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.

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