Local media has dubbed it the "Big Bitcoin Heist" - which has already seen 11 arrests of those suspected to be involved. Among those suspects - the security guard in charge of protecting them.
But even stranger - all those arrests, and still no miners recovered.
"This is a grand theft on a scale unseen before, everything points to this being a highly organized crime." says Icelandic police chief Olafur Helgi Kjartansson.
Mining hardware has become a target of thefts worldwide, since those who steal it don't need to resell it to make a profit - they can just use them to mine Bitcoin themselves.
Over the last couple years Iceland's inexpensive electricity has drawn in Bitcoin mining operations from around the world.
Author: Ross Davis
San Francisco News Desk
