In any country, stealing electricity for some private activities will be punished as it should be!
The drop in BTC prices has had the biggest impact on some miners, and their costs have not fallen as BTC prices have fallen!
Topic: China: Man Sentenced to Prison for Stealing Railway Electricity to Mine Bitcoin (Read 511 times)
November 06, 2018, 04:42:10 AM
November 06, 2018, 04:03:16 AM
Such criminality gives Bitcoin and other cryptocurrencies a bad name. Bitcoin mining is banned in his country why then use government resources to do an illegality. The sentence of 3.5 years in jail is not hash he committed two crimes stealing and mining Bitcoin that was banned. This should be a deterrent to others
November 06, 2018, 03:51:13 AM
This guy really crossed the line in here. Bitcoin is banned in China yet he still has the guts to mine bitcoin using stolen power. He should've used his resourcefulness in another way, not in an illegal way. Worst thing is that those BTCs that he mined won't even suffice in paying his bail. Sometimes we really need to think before we do stupid decisions for it may haunt us down and put us behind bars.
Yes i think he has crossed the red line, i don't understand how could he do such a bad and dangerous thing in specially China. I have been there and i know they have very strict rules about the stealing. He should be to clever(!) or maybe desperate.. Sorry for him.. I believe in the karma, if you do something bad it will return you back soon or later..
November 06, 2018, 01:43:56 AM
Quote
Although the Chinese regulatory bodies have maintained their distance from cryptocurrencies, it has not deterred the people in the country from partaking in the promising crypto mining industry – as a Chinese man was recently sentenced to 3.5 years in prison for stealing power from a train station to mine Bitcoin (BTC). The incident was reported by the local media outlet The Paper, on October 8, 2018.
https://btcmanager.com/chinese-man-prison-for-stealing-electricity-mine-bitcoin/
Oh well, he took the risk and now he is in jail. I wonder how much he earn mining bitcoin
because it means that he knows what his doing is wrong but I guess he see the $$$ that's why its worth a try. hehehe. October 28, 2018, 07:31:22 PM
any activity that is essentially stealing electricity for personal gain, and in any country it is an illegal activity and must be dealt with firmly, because later if there are things that are undesirable eat the loss of both parties. the population is harmed by things like this
October 28, 2018, 03:44:54 PM
Would love to see following news: Man senteced to prison for stealing electricity from elevator or from metro or etc silly reason. OP I highly doubt he was making $$$ because he would have to mine with multiple miners, which couldn't be unnoticed. I think he was making $ annd mining with 1-2 miner. Would see news if I am wrong.
Btw those people act like a fool and are confident while in reality they are silly.
Btw those people act like a fool and are confident while in reality they are silly.
October 28, 2018, 03:31:24 PM
3.5 years in prison for that... that's crazy, i didn't know Chinese laws was that hard... and is fun because in my country is common to see people stealing electricity, They use a technology called devils (diablitos) and looks like this:
And at this point, I have never seen someone go to jail for doing this.
And at this point, I have never seen someone go to jail for doing this.
October 28, 2018, 03:25:54 PM
I heard that there are shops that sell computers and sellers begin to mine bitcoins from computers that have not yet sold, but as Garth's video is known when mining quickly deteriorates ! I think it's fair to judge such people !
October 28, 2018, 03:11:42 PM
This are the kind of activities that always give bitcoin the bad image we constantly witness because many get involved in several illegal activities all for the sake of earning bitcoin and at the end the government only look at bitcoin as an evil development, bitcoin mining with a stolen power supply will only benefit the user and not the bitcoin network if you truly wish to go into any business activities you should at list be ready to bear the cost rather then manipulating your way to make money.
October 21, 2018, 05:07:36 AM
Quote
Although the Chinese regulatory bodies have maintained their distance from cryptocurrencies, it has not deterred the people in the country from partaking in the promising crypto mining industry – as a Chinese man was recently sentenced to 3.5 years in prison for stealing power from a train station to mine Bitcoin (BTC). The incident was reported by the local media outlet The Paper, on October 8, 2018.
https://btcmanager.com/chinese-man-prison-for-stealing-electricity-mine-bitcoin/
Oh well, he took the risk and now he is in jail. I wonder how much he earn mining bitcoin
because it means that he knows what his doing is wrong but I guess he see the $$$ that's why its worth a try. hehehe.I feel sorry for him. Its just right that he have been jailed for his wrong doing. But 3.5 years and money is just too much. He can afford to buy mining rigs, I think the best way if he really wants to mine bitcoin is to transfer to a country where bitcoin is not prohibited. And where did the mined bitcoins go?
October 21, 2018, 05:03:28 AM
This is simply wrong, smh.
in my opinion it's wrong because the way it's been wrong especially later and I think the other way is also a lot and I think by borrowing money for mining capital October 21, 2018, 04:39:08 AM
Quote
Although the Chinese regulatory bodies have maintained their distance from cryptocurrencies, it has not deterred the people in the country from partaking in the promising crypto mining industry – as a Chinese man was recently sentenced to 3.5 years in prison for stealing power from a train station to mine Bitcoin (BTC). The incident was reported by the local media outlet The Paper, on October 8, 2018.
https://btcmanager.com/chinese-man-prison-for-stealing-electricity-mine-bitcoin/
Oh well, he took the risk and now he is in jail. I wonder how much he earn mining bitcoin
because it means that he knows what his doing is wrong but I guess he see the $$$ that's why its worth a try. hehehe.That's really risky to do especially there are lives we are talking about who is using the railway right? It's good that the authority captured the culprit, It may cause an accident if it's not taken care of. There are still many legal ways to mine bitcoin this one is not even funny in my opinion.
October 21, 2018, 04:25:25 AM
3.5 years is excessive though jesus. THREE YEARS just for stealing electricity? Man I am glad I don't live in China, sounds like a horrible place to live.
I think a more reasonable sentence is three months, or possibly even just long community service, what a joke.
Its a crime to steal government property its not in China and in many countries they have severe punishment for stealing the electricity or governments good along with big amount of penalty so no one have to do this kind of activity if they don't want get punished.But its the crime done by the person by stealing the electricity so don't concentrate on bitcoins here it is just like crimes as normal. I think a more reasonable sentence is three months, or possibly even just long community service, what a joke.
October 21, 2018, 03:37:31 AM
Ouch, that was a total NO-NO especially in a country like China where they don't take things like this lightly. It just goes to show that if you keep doing stuff that ain't legal, one day or another it is going to catch up with you. This is the main negative thing about this space right now, that we have just too many scammers and hackers and dodgy people being attracted to Crypto which gives it a bad name, yet the technology itself is groundbreaking and could be used to save lives and bring in 2 million unbanked people into the fold.
October 21, 2018, 03:20:20 AM
The profit from bitcoin mining makes us desperate, it seems he has gambled to get rich quick in this way.
October 20, 2018, 04:48:03 PM
It is offence in many countries and not only china. You can steal electricity through either your work place or any means to power your bitcoin generation. If you want to go to bitcoin mining , it is better you get your own method of obtaining power.
October 20, 2018, 04:37:06 PM
His very creative and unique, but he lives in a county where the laws must be strictly to followed and china just banned people from mining a crypto . He committed two mistakes from stealing and the banning of crypto.
October 19, 2018, 04:17:21 AM
as he adopted unfair way to power his rigs, he is supposed to be in jail - we definitely don't want any criminal (big or small) to be a part of the community.
October 19, 2018, 04:16:58 AM
Stealing is always a crime no matter how big or small you stole. In his case stealing electricity is another way of committing a crime. The company might have filed a case against him because he is stealing. I think he's still lucky because he's in prison right now.
October 18, 2018, 09:58:49 PM
He mined 3.2BTC worth 120 000 yuan using electricity worth 104 000 yuan as The Paper reports.
I think this is common practice in many countries, I've used to live a man who was stealing power for his household use, wires were visible in the corridor but no one cared
We can only wonder what's happening in datacenters, powerplants etc. when there is such simple way to convert electricity and computing power into money.
Yeah, of course people pften become careless and put themselves in risk when there is money but i am wondering how could he mine this amount of BTC when difficulty is increased to a lot of extreme ?I think this is common practice in many countries, I've used to live a man who was stealing power for his household use, wires were visible in the corridor but no one cared
We can only wonder what's happening in datacenters, powerplants etc. when there is such simple way to convert electricity and computing power into money.Which hardware and how much timenhas he been using for this process ?
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