Topic: China: Man Sentenced to Prison for Stealing Railway Electricity to Mine Bitcoin - page 2. (Read 574 times)
October 18, 2018, 07:32:19 PM
This is simply wrong, smh.
October 18, 2018, 06:08:36 PM
mining bitcoin has become an addiction among the public
especially those who understand cryptocurrency
in my country something like that also happened
there are some people steal electricity to mine crypto
so yeah mining crypto has become addictive for them
especially those who understand cryptocurrency
in my country something like that also happened
there are some people steal electricity to mine crypto
so yeah mining crypto has become addictive for them
October 18, 2018, 05:46:40 PM
Wow 
That's not good you know, Stealing electricity from the government to mine bitcoin is like stealing directly from your own people, It's not just like not paying your taxes but actually stealing electricity which is not yours to use in the first place, That's just stupid if you ask me.
That's not good you know, Stealing electricity from the government to mine bitcoin is like stealing directly from your own people, It's not just like not paying your taxes but actually stealing electricity which is not yours to use in the first place, That's just stupid if you ask me. October 18, 2018, 05:13:00 PM
wooww, that's amazing, they are never satisfied and very greedy. Bitcoin trading volume in China, investing bitcoin in China, creating a bull market at the end of 2017, they have a big influence on bitcoin volatility.
then, China is also responsible for the bull market today, because China is creating a negative influence on the bitcoin market.
then, China is also responsible for the bull market today, because China is creating a negative influence on the bitcoin market.
October 18, 2018, 04:50:01 PM
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 14, 2018, 04:18:37 PM
severe laws will not allow to joke with the authorities of China. but I do not understand why bitcoin?
October 14, 2018, 03:50:52 PM
He knew what he was doing. China is against mining, even if you want to pay for electricity and stealing is a crime, even if you're not mining. He combined both of them and got caught. I think that it's a high sentence because he didn't hurt anyone. He stole from the government which is the biggest thief in every country.
Mining is easy if you steal power. The access to mining equipment is easy in China and even old miners are profitable if you have free power.
Mining is easy if you steal power. The access to mining equipment is easy in China and even old miners are profitable if you have free power.
October 14, 2018, 03:08:37 PM
There are many such thieves now, not only in China. There is a category of people who consider themselves the most intelligent and exceptional, who steal electricity, thinking that if it is invisible, then no one will notice.
October 11, 2018, 02:56:03 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.
I think a more reasonable sentence is three months, or possibly even just long community service, what a joke.
He apparently stole $15k worth though (if I understood the article correctly anyway), which is already felony theft in the US. I tried to do a little research, and as far as the US goes, it apparently comes with up to 5 years of prison time along with a fine, but it's still largely up to the judge. I know China's human rights record is spotty at best, but this doesn't look overly oppressive to me.
But yeah, play stupid games, win stupid prizes.
October 11, 2018, 01:49:04 AM
I assume it wasn't just an old PC with a graphics card in it, he won't be able to mine much with that setup. Could be a full scale asics setup in a disused train shack, great place to hide and steal, or so he thought
October 10, 2018, 06:08:57 PM
Sad for him, he need to face their sin to the government laws, stealing of electricity is criminal offense specially herein my country, this news is lesson for all people planning to invest in mining.
October 10, 2018, 06:01:35 PM
Well stealing is wrong, so the man need to face the consequences, I think its not a smart move to try to steal electricity to mine bitcoin, its very easy to detect electricity theft especially when you run it for 24 hours, and now the person need to pay the fine, the electricity and go to prison, nit a smart way to earn, and one things that catch my attention is the earning from mining is not profitable at all
October 10, 2018, 05:43:30 PM
That's a very stupid thing, bro. why have to force yourself when investing / floating bitcoin. the most important thing is that as much effort as we can, do not violate state and religious law
October 10, 2018, 04:51:24 PM
Plus, what was he thinking? He stole electricity and mined bitcoin? Out of all the efficient cryptos, he chose bitcoin, wow. Bitcoin mining is useless unless you have a big mining farm.
I think he had ~800TH of hashing power, 50 ASICs, I think you could call this a farm.
He mined 3.2BTC in 4 months, I would say it's good money when you have free electricity.
October 10, 2018, 04:38:14 PM
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.Stop trying to spread false news firstly, the man got arrested for stealing electricity and not for mining bitcoin, although I can definitely imagine China doing that, but that's not the case right now.
Plus, what was he thinking? He stole electricity and mined bitcoin? Out of all the efficient cryptos, he chose bitcoin, wow. Bitcoin mining is useless unless you have a big mining farm.
October 10, 2018, 04:06:01 PM
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.
I think a more reasonable sentence is three months, or possibly even just long community service, what a joke.
He stole $15 019 worth of electricity.
We don't know the details, maybe he caused some hazard while doing this?
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.
Such practice is common in places where there is little or no control over public infrastructure. especially in government buildings where bills are paid directly by the Government.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, exactly, that's why he chosen railway station as railways are often controlled by government.
October 10, 2018, 04:05:27 PM
First, I think this thread will be better at the legal board.
Yes, and it's quite difficult to get the actual facts of the case. The government there is so corrupt that he might have been arrested just so they could steal his bitcoin and mining hardware, only for some corrupt official to get some more money.
I think a fine in this case would have been enough. Maybe no-jailtime or just a few weeks if it was his first serious offence.
Stealing is classified as a crime and an action so classified is reliable to the penalty of stealing. So, If the guy takes electricity from a source that he is not supposed to, then he should be liable for stealing.
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.
I think a more reasonable sentence is three months, or possibly even just long community service, what a joke.
Yes, and it's quite difficult to get the actual facts of the case. The government there is so corrupt that he might have been arrested just so they could steal his bitcoin and mining hardware, only for some corrupt official to get some more money.
I think a fine in this case would have been enough. Maybe no-jailtime or just a few weeks if it was his first serious offence.
Stealing is classified as a crime and an action so classified is reliable to the penalty of stealing. So, If the guy takes electricity from a source that he is not supposed to, then he should be liable for stealing.
October 10, 2018, 03:45:46 PM
Not very smart of him to have done that, first there is a ban on all things crypto, them he steals from the government to mine something that is forbidden by the government.China is very strict with their laws, He is lucky he is not getting life sentence, drug dealer or counterfeiter usually get such in China.
October 10, 2018, 03:39:01 PM
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.
I think a more reasonable sentence is three months, or possibly even just long community service, what a joke.
Yes, and it's quite difficult to get the actual facts of the case. The government there is so corrupt that he might have been arrested just so they could steal his bitcoin and mining hardware, only for some corrupt official to get some more money.
I think a fine in this case would have been enough. Maybe no-jailtime or just a few weeks if it was his first serious offence.
October 10, 2018, 03:38:32 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.
Such practice is common in places where there is little or no control over public infrastructure. especially in government buildings where bills are paid directly by the Government. 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.Jump to: