Old new, it's always like that in China when it comes to crypto.
The crypto drama in there is just endless.
Topic: Chinese Authorities Confiscating miners - page 3. (Read 399 times)
From what I understand by the article I can say that the illegal part of the process wasn't the mining (even tho how china approaches to mining is still a debate) but the illegal electric part.
If you don't get signed up for electricity and don't pay for it, of course you will get all your machines confiscated because government has to get a payment for the electricity that you are using. And we are talking about 7000 machines here, I don't know how many of them were running but if even half of that was using electricity without paying anything to the government I am sorry to say this but they deserved to lose their machines. There are many many places that are mining operations so just one less place won't affect bitcoin that badly, there is nothing to worry about there.
If you don't get signed up for electricity and don't pay for it, of course you will get all your machines confiscated because government has to get a payment for the electricity that you are using. And we are talking about 7000 machines here, I don't know how many of them were running but if even half of that was using electricity without paying anything to the government I am sorry to say this but they deserved to lose their machines. There are many many places that are mining operations so just one less place won't affect bitcoin that badly, there is nothing to worry about there.
If you are using an illegal electric connection (aka stealing electricity) then government has every right to punish you. Here is why Chinese police confiscated the mining equipment.
Quote
According to the police, crypto miners were stealing electricity from a nearby village. The police also said that Bitcoin (BTC) mining machines were operating 24 hours a day, consuming electricity at rates up to 40 times those of a regular family.
https://cointelegraph.com/news/chinese-authorities-confiscate-nearly-7-000-crypto-mining-machines
https://cointelegraph.com/news/chinese-authorities-confiscate-nearly-7-000-crypto-mining-machines
There is nothing illegal about mining bitcoin, these confiscated miners are managed by criminals who use electricity illegally, really if they can't pay for electricity why buying asic miners? You have a point that staking coins would have been better, there will be no need for electricity
From what I understand by the article I can say that the illegal part of the process wasn't the mining (even tho how china approaches to mining is still a debate) but the illegal electric part.
If you don't get signed up for electricity and don't pay for it, of course you will get all your machines confiscated because government has to get a payment for the electricity that you are using. And we are talking about 7000 machines here, I don't know how many of them were running but if even half of that was using electricity without paying anything to the government I am sorry to say this but they deserved to lose their machines. There are many many places that are mining operations so just one less place won't affect bitcoin that badly, there is nothing to worry about there.
If you don't get signed up for electricity and don't pay for it, of course you will get all your machines confiscated because government has to get a payment for the electricity that you are using. And we are talking about 7000 machines here, I don't know how many of them were running but if even half of that was using electricity without paying anything to the government I am sorry to say this but they deserved to lose their machines. There are many many places that are mining operations so just one less place won't affect bitcoin that badly, there is nothing to worry about there.
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
Full news is right here
https://cointelegraph.com/news/chinese-authorities-confiscate-nearly-7-000-crypto-mining-machines
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