[2021-07-16] Police confiscate, destroy 1000+ ASICs in Malaysia

buwaytress

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Quote from: Woodie on July 23, 2021, 03:34:04 AM

Was it so obvious that they used illegal electricity or its Vigilantes who are anti bitcoin doing the whistle blowing?

If you're a concerned citizen, then you're reporting theft of public resources, that's all. Power outages in that town I'm actually familiar with from years ago. Wouldn't take much to piss residents off who've had to deal with blackouts in hot humid weather.

Besides, it's pretty easy these days I think to monitor spikes in power grids. I imagine an ASIC farm smack in the middle of commercial/residential shop lots would stick out like a sore thumb.

Quote from: Woodie on July 23, 2021, 03:34:04 AM

Afaik all what the miner was trying to do was find a way to maximize profits in a creative way Roll Eyes

, hope he can bail out his ASICs and mine the btc legally this time.

Er, yeah, no. Read the news.

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Quote from: buwaytress on July 17, 2021, 09:34:12 AM

So 3 days ago, they raided a house and confiscated about 100 ASICs: Source: https://www.newsarawaktribune.com.my/police-find-bitcoin-mining-operations-in-house/

Was it so obvious that they used illegal electricity or its Vigilantes who are anti bitcoin doing the whistle blowing?

Quote from: buwaytress on July 17, 2021, 09:34:12 AM

Note: the crime was simply electricity theft, not mining itself.

It's really hard being a crypto miner and at the same time remain profitable. Afaik all what the miner was trying to do was find a way to maximize profits in a creative way Roll Eyes

, hope he can bail out his ASICs and mine the btc legally this time.

kano

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Execptionally unlikely they'd be S3

Also they're black (like the S5 also) - I still got em both in the cupboard

Probably at least S7 or S9, since anything before an S9 is next to worthless.
Certainly looks like an S9 under the roller ...

1,039 bitcoin mining machines worth ... (US$1.3mil)
i.e. $1250 each - no way anyone on the planet would pay $1250 for an S3 or S5, even would be stupid to pay that for an S7

A few months back that was around the top price people were selling S9 to the gullible ...

ABCbits

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Quote from: buwaytress on July 18, 2021, 12:15:14 PM

All the same, an S3 still fetches at least 100 euros. That sum converts to a heck lot of money in Malaysia!

It's more expensive than i expected since some Bitcoin mining calculator shows S3 isn't profitable (even assuming the S3 is free).

Quote from: DaveF on July 18, 2021, 07:45:24 PM

The other issue is (once again US based) is that the police cannot sell the stuff that they took until the court case is over.
So although some items may retain their value many tech items will plummet in price. Especially if the case and any appeals take years.

Even considering points you mentioned, IMO recycle each part of the ASIC is better option than simply crushing it with steamroller.

Kakmakr

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They are soooooo stupid... If they sold those miners and used the proceeds of that to strengthen their Police force.... they could actually fight real crime or better yet, use those miners to fund small mining operations that generated profits that could have increased the tax income for the country.

This was one big publicity stunt and it failed miserably, because the rest of the world can now see how bad decision making can be in some governments. (Do they really think illegal Crypto mining will decline after they did this..... nah the money is too good) Cheesy

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Quote from: ABCbits on July 19, 2021, 04:24:10 AM

Even considering points you mentioned, IMO recycle each part of the ASIC is better option than simply crushing it with steamroller.

Depends on what e-waste and other recycling is available. And what they are willing to take and it what condition.

If you can sell them as is for $0.30 a pound but if you crush them it's $0.15 a pound then it might be worth it to crush them for the PR and then scrape them off the ground and drop them off at e-waste.

If there is no recycling available and you do not have a way of selling them then they are going to be going into the garbage anyway and how they wind up there does not matter.

If you have to pay to have e-waste taken away but they charge by the load but not by weight then you are saving money by crushing them.

And finally:
If the government is precluded by law from selling impounded / confiscated items then it all the above does not matter.

-Dave

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The other issue is (once again US based) is that the police cannot sell the stuff that they took until the court case is over.
So although some items may retain their value many tech items will plummet in price. Especially if the case and any appeals take years.

I have purchased some stuff from both IRS and police auctions that were almost new when impounded and just about worthless by the time I got them. But, for a spare parts pile so I didn't have to hunt stuff down for clients, more then worth it.

-Dave

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Quote from: Carlton Banks on July 18, 2021, 07:55:20 AM

I seriously doubt that this actually happens in more than half of such cases, possibly less.

So true! Except, in this case, they actually took a video of the steamrolling (in OP). I didn't count but it looks about right. I know for sure it happens much less with goods and products they can actually use and understand but I think in this case, they actually do see it as evil (I can't explain in details as I might get tagged for inciting hate and stuff heh).

Quote from: ABCbits on July 18, 2021, 05:31:30 AM

Besides S3 is quite old (assuming what @buwaytress said is right), i doubt ROI is possible within short time.

I was just guessing, and basing off the discussions in the groups that circulated this. They were supposed to be really old yeah, but the cost price of electricity isn't so high in that state (assuming cost is below the cheapest rate they sell to residents). But yes, stealing electricity means they make money no matter what, not sure if it'd have been profitable even with cost price power.

All the same, an S3 still fetches at least 100 euros. That sum converts to a heck lot of money in Malaysia!

@SFR10 ah yeah you're right, white chassis in the video suggests newer models.

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Quote from: buwaytress on July 17, 2021, 09:34:12 AM

Mainly s3 I think?

Hard to tell from the video but IIRC, they only came with black chassis.

Quote from: buwaytress on July 17, 2021, 09:34:12 AM

Note: the crime was simply electricity theft, not mining itself.

And even though I do agree with what Lucius said yesterday ^{["sending a message"]}, it's still a bit weird that they chose to destroy mining rigs worth $1.3M, instead of selling those to cover for more than half of the stolen electricity estimated at $2M and on top of that, the little fine ^[$1,900] they've given to 6/8 individuals doesn't make much sense ^{[even with the added jail time]}.

Quote from: https://www.coindesk.com/bitcoin-miners-seized-8-arrested-in-malaysia-report
Police in Malaysia seized 1,039 bitcoin mining machines worth RM5.3 million (US$1.3 million) and arrested eight people.
~Snipped~
"A total of six people have been successfully charged under Section 379 of the Penal Code for electricity theft and have been fined up to RM8,000 ($1,900) and jailed for up to eight months," he said in a statement.
Quote from: https://www.pcgamer.com/uk/watch-1000-illegal-bitcoin-pcs-get-literally-steamrolled-experience-justice/
These suspects allegedly found a way to siphon electricity from SEB power lines to power the bitcoin mining machines, stealing nearly $2 million worth of electricity over three months.

Carlton Banks

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Quote from: DaveF on July 18, 2021, 08:11:44 AM

I can't buy the 2 tons of cocaine you had that were selling out of your garage.

the right person probably can though

DaveF

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A lot of times here in the US unless the item itself is illegal the stuff goes up for sale.

I can't buy the 2 tons of cocaine you had that were selling out of your garage. But the PC you were doing your accounting on. The security cameras that you were using to monitor who was around. The scales you were weighing it on. After your trial, if you are found guilty, all of it goes up for auction.

Occasionally they will just sell things for junk, but if it has a monetary value they try to sell it.

-Dave

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Quote from: Lucius on July 17, 2021, 10:09:47 AM

It seems completely unnecessary to me, because the seized goods can be put up for auction and sold, and the money can be used for humanitarian purposes.

The seized goods only can be used for mining and inefficient heater, so from authority perspective, it's not really useful. Besides S3 is quite old (assuming what @buwaytress said is right), i doubt ROI is possible within short time.

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Quote from: buwaytress on July 17, 2021, 09:34:12 AM

Now if they just put them to good use instead, tsk!

police have often made grand claims that they "destroy confiscated contraband"

I seriously doubt that this actually happens in more than half of such cases, possibly less.

us: "Where's the proof you destroyed the evil object?"

police "Uh, well we destroyed it, so that proves it's gone"

us: "that proves nothing"

police: "exactly! destroyed things are nothing! We can't tell you how we did it, or where, that would be uh, dangerous"

Roll Eyes

Quote from: ABCbits on July 18, 2021, 05:31:30 AM

Besides S3 is quite old (assuming what @buwaytress said is right), i doubt ROI is possible within short time.

well, if you steal the capital to begin with, you just have to outrun the running costs. "ROI" drops the "I", to become "ROZ", return on zilch Cheesy

I imagine many old S3's got started up again in the past few weeks due to the difficulty drop, at least speculatively.

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Obviously, this is about sending a message to those who are doing something illegally, and while some may find this method of destruction a little strange, it seems to be the method used in that part of the world. I recently read an article about how they deal with a similar problem in the Philippines, except that they did not destroy mining devices, but luxury cars.

It seems completely unnecessary to me, because the seized goods can be put up for auction and sold, and the money can be used for humanitarian purposes.

buwaytress

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So 3 days ago, they raided a house and confiscated about 100 ASICs: Source: https://www.newsarawaktribune.com.my/police-find-bitcoin-mining-operations-in-house/

Apparently, police were led to many more earlier, in just one city, and two months' worth of raids led to this steamrolling event that video went viral yesterday. 1069 machines. A weird number. Mainly s3 I think? Now if they just put them to good use instead, tsk!

Can't find a useful way to share local news, but that's as far as it gets for now. Think the crypto media will get hold of it later.

Note: the crime was simply electricity theft, not mining itself.

Topic: [2021-07-16] Police confiscate, destroy 1000+ ASICs in Malaysia (Read 126 times)