Bitcoin Miner Loses Over $50k to Former Employee's Secret Scheme

A former employee at a Bitcoin mining company in New York has pleaded guilty to secretly mining 1.0668 BTC using the employer's equipment.

Christopher Rankin, 40, from Washington state, worked at the company in Niagara Falls, New York, since July 2021. He gained unauthorized access to around 100 company computers and redirected them to a mining pool he had created.

Rankin then transferred the mined Bitcoin to wallets under his control, causing damage to the equipment and compromising its integrity.

The company lost approximately $53,315 in value due to Rankin's actions. He is scheduled to be sentenced on November 17, 2026, with a maximum penalty of up to one year in prison and a fine of up to $100,000.