Chinese Authorities Confiscating miners

Xcode7

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Quote from: Stanlo on December 24, 2019, 06:27:55 AM

Chinese authorities have seized nearly 7000 crypto mining machines that are illegally consuming electric power, really hope this won't affect bitcoin in any way? And why are people doing this? Prove of staking is a better option and no one will ever know you are mining anything, i am not saying POW miners are bad but illegally? Come on! It's not worth taking such risk when they know they can be caught, they can earn same profits from Staking

Full news is right here
https://cointelegraph.com/news/chinese-authorities-confiscate-nearly-7-000-crypto-mining-machines

What I caught from the article was the number of greedy people who violated state rules, I think it's legitimate because it's clear they are illegal. But if it has an impact on the miners who follow the rules, I think we also have to take action because it is detrimental, such as the price of bitcoin falling because of irresponsible parties, I think we all have to play honestly and don't need to overdo it in any case and consider repeat whether what we are doing is good or bad for the other party.

Pamadar

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Quote from: No One on December 27, 2019, 03:34:30 AM

China crack downing on cryptocurrency is not a new thing. What is interesting is that cryptocurrency has not been affected by such act of China. And Chinese authorities are realizing the importance of cryptocurrency as a result. So I think they are internally discussing the ways to regulate cryptocurrency. Sooner or later, they will accept cryptocurrency.

They are realizing the potential benefits of this system, though the topic from this thread is not about chasing the mining itself but the illegality
of consuming electricity without paying for it. it's just dragging the name of mining since it's a good topic to read and with a lots of interested
people around this industry many will catch up some attentions and gain traffics.

No One

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China crack downing on cryptocurrency is not a new thing. What is interesting is that cryptocurrency has not been affected by such act of China. And Chinese authorities are realizing the importance of cryptocurrency as a result. So I think they are internally discussing the ways to regulate cryptocurrency. Sooner or later, they will accept cryptocurrency.

andika2018

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Quote from: Stanlo on December 24, 2019, 06:27:55 AM

Chinese authorities have seized nearly 7000 crypto mining machines that are illegally consuming electric power, really hope this won't affect bitcoin in any way? And why are people doing this? Prove of staking is a better option and no one will ever know you are mining anything, i am not saying POW miners are bad but illegally? Come on! It's not worth taking such risk when they know they can be caught, they can earn same profits from Staking

Full news is right here
https://cointelegraph.com/news/chinese-authorities-confiscate-nearly-7-000-crypto-mining-machines

Any government will confiscate mining equipment if the electricity used is stolen electricity. I think the Chinese Government is acting appropriately and rightfully so because it is to protect other industries and China has never banned crypto mining activities.

cutesgirl

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Quote from: Stanlo on December 24, 2019, 06:27:55 AM

Chinese authorities have seized nearly 7000 crypto mining machines that are illegally consuming electric power, really hope this won't affect bitcoin in any way? And why are people doing this? Prove of staking is a better option and no one will ever know you are mining anything, i am not saying POW miners are bad but illegally? Come on! It's not worth taking such risk when they know they can be caught, they can earn same profits from Staking

Full news is right here
https://cointelegraph.com/news/chinese-authorities-confiscate-nearly-7-000-crypto-mining-machines

unbelievable with China project mining where they have big mining company in their country where can earn much bitcoin every time, after China banned bitcoin many mining project company have been failed because China have stop running for every bitcoin mining company in their country right now.

Soots

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Quote from: Experia on December 26, 2019, 11:28:46 PM

China are not against with the mining process of bitcoin but they are against with the process that the persons behind thaa mining because of stealing electricity on the nearby village meaning they are doing mining for free of charge in electricity which is very illegal wherever you are.

Maybe this incident will gather some speculative ideas and will be used by FUD makers. Indeed, those things will not really into focus with mining itself because the ones involved was having serious factors towards the mining operation. If they would wanted to do fair operation with the consent of the government, paying electricity in legal conditions should always be complied and not in an illegal initiations.

Experia

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China are not against with the mining process of bitcoin but they are against with the process that the persons behind thaa mining because of stealing electricity on the nearby village meaning they are doing mining for free of charge in electricity which is very illegal wherever you are.

BlackFor3st

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Quote from: Stanlo on December 24, 2019, 06:27:55 AM

Chinese authorities have seized nearly 7000 crypto mining machines that are illegally consuming electric power, really hope this won't affect bitcoin in any way? And why are people doing this? Prove of staking is a better option and no one will ever know you are mining anything, i am not saying POW miners are bad but illegally? Come on! It's not worth taking such risk when they know they can be caught, they can earn same profits from Staking

Full news is right here
https://cointelegraph.com/news/chinese-authorities-confiscate-nearly-7-000-crypto-mining-machines

It will surely affect the mining society but as what they did, I know that they are already prepared to it as mining illegally is not a good option also.
It is like earning a money by stealing electricity without paying a bucks to the owner, I hope they learned from it so it will not happen again.

And the best area to put mining gigs are in the country in which electricity is very affordable so you don't need to steal an electricity instead you will earn a good profit while paying the electricity that you have used.

xZork

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I think that wherever we live, we should obey the laws of that place. Illegal mining is a misconduct and it should pay the price, and I support China's confiscation of those mining machines. If anyone wants to mine cryptocurrencies they should get permission from the government and pay a fee to operate.
Besides, the number of 7000 mining machines is quite small, I think it will not be able to affect the cryptocurrency market.

acdc

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The Chinese government still has a bad view of the cryptocurrency market because of concerns about bitcoin disrupting financial markets and they dislike currencies that they cannot manage. Besides, mining electricity costs a lot of electricity, making it a waste of national resources.
I think if anyone wants to mine cryptocurrency he should go to a country that allows it. Illegal cryptocurrency mining is wrong and no government likes it.

luckyflop

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Quote from: ansi on December 24, 2019, 06:54:12 PM

Old new, it's always like that in China when it comes to crypto.
The crypto drama in there is just endless.

Yes it's a long-running TV series for cryptocurrencies in China, and since 2017 China has banned cryptocurrency mining. But that situation never stops, because in China the cost of mining is very cheap and so many people have taken advantage of it. I wouldn't be surprised if any mining plant was confiscated by the government because it always happened, I just hope that it will impact the price of Bitcoin and help it go up in the future

Ekyfitri

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Quote from: Adriano2010 on December 26, 2019, 05:19:55 PM

I don't think they have right to confiscate the mining equipment, maybe there is a problem with article, but if they want maybe can make a law and who consume a lot of power to pay more, i don't know but is illegal to confiscate equipment buyed with own money.

if a regulation has been made stating crypto mining is prohibited it is like an illegal business. of course, the confiscation of equipment will be carried out. but I agree with your suggestion more. imposing additional tariffs for people who use more electricity will be more equitable. because mining is not an act that harms others.

Shinpako09

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They are confiscating mining machines simply because they are using electric power illegally and they are even using more power than regular consumer. It's not surprising if they will confiscate mining machines. As long as your doing is authorized, there is nothing to worry about it. Eventhough news came from China. I don't think it can affect btc. As you can see we are already at bear market and price has been tested this month but didn't go to $5k floor as others predicted and back to $7k.

stephanirain

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Quote from: Stanlo on December 24, 2019, 06:27:55 AM

Chinese authorities have seized nearly 7000 crypto mining machines that are illegally consuming electric power, really hope this won't affect bitcoin in any way? And why are people doing this? Prove of staking is a better option and no one will ever know you are mining anything, i am not saying POW miners are bad but illegally? Come on! It's not worth taking such risk when they know they can be caught, they can earn same profits from Staking

Full news is right here
https://cointelegraph.com/news/chinese-authorities-confiscate-nearly-7-000-crypto-mining-machines

The Chinese really do have strict regulations about cryptocurrencies as they want to control almost everything in their country. Plus, if it's illegal source of power, the culprits must really be put by the law. Furthermore, the issue of regulation even in miming industry has been debated by many and if it must be taxed or monitored by the government. Even in our country, there is no clear process about it nor a permit to operate, not that it is needed or required by the law. Until there's no clear set of rules, the government must not deal with the crypto industry in my opinion.

qiwoman2

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Well if they expect to steal electricity and mine for profit, they had it coming to them sorry. They should respect the law of the land and not be stealing energy that should be used for others who pay for it. I don't like this type of greed at all and this can give Bitcoin and Crypto a really bad name. I hate it when people want to make easy money through fraud and theft, it annoys me, because I and others work so hard just to make ends meet and do the right thing by our jurisdiction. So I don't feel sorry if they lost their mining equipment as they should think hard about their actions and the repercussions of those stupid actions. I really want them to learn though from the mistakes they made and hopefully they become better people and if they ever get to work again, work with honor and do things properly next time.

Adriano2010

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I don't think they have right to confiscate the mining equipment, maybe there is a problem with article, but if they want maybe can make a law and who consume a lot of power to pay more, i don't know but is illegal to confiscate equipment buyed with own money.

Theb

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Quote from: electronicash on December 26, 2019, 04:08:18 PM

what are they going to do with those mining devices, its best for them to ask to pay the bills probably calculate how much they have consumed ans ask for electricity bill. they can;t sell those mining devices anyway. unless they are going to reuse those mining devices and mine for their own.

but how are they connecting their cables to tap electricity without getting caught the first day of operation? chinese electricity is cheap actually, these miners can definitely afford to pay.

Well the Chinese people are known to be thrifty persons and they would save a lot of money as they can even through illegal means that's why they are doing this. Their operation like I said is illegal and these types of procedure where they confiscate their mining hardware is just sop and they will let the courts decide their punishment and whether or not they can reclaim the mining equipment after. I just hope that they make this as a lesson for people just to pay the right amount of bills rather than make their operation go underground since they are really facing the government here which we all know they barely lose.

electronicash

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what are they going to do with those mining devices, its best for them to ask to pay the bills probably calculate how much they have consumed ans ask for electricity bill. they can;t sell those mining devices anyway. unless they are going to reuse those mining devices and mine for their own.

but how are they connecting their cables to tap electricity without getting caught the first day of operation? chinese electricity is cheap actually, these miners can definitely afford to pay.

Mike Mayor

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This is why China has such high hashrate and the rest of us can never compete. They pretty much ruin crypto for the rest of us. They even stealing electricity so it is free for them. How can a legit businessman/woman compete with that? This will affect bitcoin for the good, why do you hope it won't affect bitcoin. Fewer miners are better. People are doing this for the money you already know this. Stealing power = massive profits.
They have basically found a way to convert power directly into currency. No one cares if you stealing power to stake. You only need one device to stake. It is when you have an entire factory stealing electricity.

o48o

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Quote from: FireBallex on December 25, 2019, 02:39:45 AM

People around me still mine coins using free electricity, which is illegal and they have been doing this for more than a year now, in my own country security and laws are not taken very serious so they can get away with this, i prefer POS coins because they don't require any skill

How can you even compare free electricity mining and POS coins? First you have to acquire enough coins and that's not cheap if you are going to make a living, and even then value of those can just go down before you sell them and you couldn't even cover the original cost.

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