Chinese man jailed for 3.5 years after stealing electricity to mine bitcoin

Fatunad

sr. member

Activity: 2226

Merit: 347

Quote from: judeafante on April 21, 2019, 06:57:46 AM

Three years and almost 11 thousand pounds to be exact, but I did not read or there was no news that they compensated his Bitcoin or he is holding that Bitcoin he mined using the electricity he stole if he still had it, then he will just have to wait for Bitcoin to reach $50k and he is good to go.

There are no news if those bitcoins being seized or he do still have the full control of it.If he does then 3 years time might be shorten knowing that Bitcoin halving would happen on 24 May 2020 00:50:56
and we do know that this event will make some extraordinary price increase together with some hype for sure.Those 3 bitcoin he do store up will probably pay up on the corresponding bail to freed up himself.
Stealing is never been good because no matter what form it is,you will still face up consequences.

judeafante

sr. member

Activity: 2254

Merit: 258

Three years and almost 11 thousand pounds to be exact, but I did not read or there was no news that they compensated his Bitcoin or he is holding that Bitcoin he mined using the electricity he stole if he still had it, then he will just have to wait for Bitcoin to reach $50k and he is good to go.

BeGoods

legendary

Activity: 1372

Merit: 1008

Quote from: Vishnu.Reang on April 18, 2019, 10:31:14 AM

What he did was robbery. Whether he was a Bitcoin miner or not is irrelevant here. If the amount was a few hundred USD, then he could have escaped punishment with a monetary fine. Anyway... I don't understand the need to steal electricity. If he could afford the mining rigs, how can we say that he couldn't afford the electricity.

Right, I think the consideration is not what kind of item is it, if it is worthy and has value, it will certainly be processed by law,
and of course theft is wrong and crime. of course he will receive the appropriate punishment

Virtual miner

sr. member

Activity: 728

Merit: 275

Quote from: Dominic_Johnson on October 12, 2018, 04:34:55 AM

A man in China has been sentenced to three and a half years in prison after stealing electricity from a train network in order to mine bitcoin. Xu Xinghua from Shanxi province pleaded guilty to stealing 104,000 yuan (£11,300), which was used to mine 3.2 bitcoins. Given the current price of bitcoin, 3.2 bitcoins is worth only a little more than what was stolen, however in times past it would be worth a lot more.

(this is the article : https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-mining-china-prison-train-electricity-cryptocurrency-energy-environment-a8577791.html)

I think the main issue here was not that he landed into a jail because he mined bitcoin. He landed in a jail because he chose to steal electricity for the same. Stealing Electricity in China is a criminal offense taken pretty seriously & amount of loss incurred by the Govt. due to this act of the person would be reimbursed in the form of fine from him.

Sithara007

legendary

Activity: 3220

Merit: 1344

Leading Crypto Sports Betting & Casino Platform

Chinese laws are very strict and this guy has his life destroyed for stealing $20,000 worth of electricity. But I am quite confused after reading the article. If he could afford the expensive mining rigs, why he decided to go for the stolen power? I think that he was overconfident about his abilities and might have thought that his theft would go un-noticed.

robelneo

legendary

Activity: 3192

Merit: 1198

Bons.io Telegram Casino

Quote from: Dominic_Johnson on October 12, 2018, 04:34:55 AM

A man in China has been sentenced to three and a half years in prison after stealing electricity from a train network in order to mine bitcoin. Xu Xinghua from Shanxi province pleaded guilty to stealing 104,000 yuan (£11,300), which was used to mine 3.2 bitcoins. Given the current price of bitcoin, 3.2 bitcoins is worth only a little more than what was stolen, however in times past it would be worth a lot more.

(this is the article : https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-mining-china-prison-train-electricity-cryptocurrency-energy-environment-a8577791.html)

I'm thinking it's worth it, my bad Cheesy

if those Bitcoin will worth hundreds of thousands in 4 years that's a huge reward from that very risky action, provided that he still holding those Bitcoin, if not he will be sorry that he did that, hey it's happening to many parts of the world where people are very much into mining Bitcoin

Vishnu.Reang

sr. member

Activity: 1974

Merit: 453

What he did was robbery. Whether he was a Bitcoin miner or not is irrelevant here. If the amount was a few hundred USD, then he could have escaped punishment with a monetary fine. Anyway... I don't understand the need to steal electricity. If he could afford the mining rigs, how can we say that he couldn't afford the electricity.

coin-investor

hero member

Activity: 2856

Merit: 578

Leading Crypto Sports Betting & Casino Platform

Quote from: Dominic_Johnson on October 12, 2018, 04:34:55 AM

A man in China has been sentenced to three and a half years in prison after stealing electricity from a train network in order to mine bitcoin. Xu Xinghua from Shanxi province pleaded guilty to stealing 104,000 yuan (£11,300), which was used to mine 3.2 bitcoins. Given the current price of bitcoin, 3.2 bitcoins is worth only a little more than what was stolen, however in times past it would be worth a lot more.

(this is the article : https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-mining-china-prison-train-electricity-cryptocurrency-energy-environment-a8577791.html)

With Bitcoin potential in the future, people will be tempted to do that, it's unfortunate that he was caught, but that will be a big warning
On top of the prison sentence, Mr Xinghua also received a fine of 100,000 yuan (£10,930), anyway he can keep that Bitcoin and when he is freed it could worth ten times of what he's fine for.

aioc

hero member

Activity: 2926

Merit: 567

Quote from: Dominic_Johnson on October 12, 2018, 04:34:55 AM

A man in China has been sentenced to three and a half years in prison after stealing electricity from a train network in order to mine bitcoin. Xu Xinghua from Shanxi province pleaded guilty to stealing 104,000 yuan (£11,300), which was used to mine 3.2 bitcoins. Given the current price of bitcoin, 3.2 bitcoins is worth only a little more than what was stolen, however in times past it would be worth a lot more.

(this is the article : https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-mining-china-prison-train-electricity-cryptocurrency-energy-environment-a8577791.html)

Here in our country, you can get away with it, because there is a generation lost cost from our bill where paying customers are paying electricity that is lost from those people who are stealing electricity, and the electric company are not even charging those thieves.

greeklogos

full member

Activity: 658

Merit: 152

Well, its a crime and it should be punished. Maybe some of users will say that 3,5 years for such innocent kind of crime is too much, but Chinese laws are generally rough and I am not surprised of this.

Daveprofile

jr. member

Activity: 2086

Merit: 1

Honestly, this is so sad to hear. He would have searched for another genuine source to mine. People are generally not just sincere. Some companies are working on renewable forms of energy to mine Bitcoins. Companies like Future Energy. I don't know what else to say.

eaLiTy

hero member

Activity: 2814

Merit: 911

Have Fun )@@( Stay Safe

Quote from: Kemarit on March 08, 2019, 10:26:28 AM

You can't really underestimate people's stupidity and this is one classic example. How the hell it even crosses someone's mind to steal just to mine bitcoin for his own good? And on top of jail sentencing, he needs to pay a fine of 100,000 yuan (£10,930). You lost your freedom for three years and then you lost your mining gear and I'm sure by that time you get out, it's already obsolete and then you lost money here. How stupid move is that?

People does these stupid things in order to make profit, if he was running the miner and he will not end up in a profit and so is the reason he found a short cut to make easy money and i am sure there were many illegal mining being done around the world with stolen electricity and i have heard about people getting busted in news in the past few years and most of these illegal mining farms are common in Asian countries.

ethereumhunter

hero member

Activity: 2912

Merit: 541

Leading Crypto Sports Betting & Casino Platform

Once the person knows that bitcoin is worth, he will do many things to get or earn bitcoin and maybe that is the reason why he steals electricity to mine bitcoin. That man knows that bitcoin can give him a lot of money, but unfortunately, he uses the wrong way to earn bitcoin and now makes him to jail. It's not good for his life because he cannot continue to earn bitcoin but if he changes his mind in the past, maybe right now, he can be a rich person in his town.

bitcoinisbest

hero member

Activity: 1218

Merit: 557

This is a serious offence and stealing anything of public or government property will lead to such results and accordingly the government will take the due course of actions prescribed under that country law . I think people should refrain from such acts which could spoil their career if they do such things .

goaldigger

sr. member

Activity: 2380

Merit: 357

Quote from: Dominic_Johnson on October 12, 2018, 04:34:55 AM

A man in China has been sentenced to three and a half years in prison after stealing electricity from a train network in order to mine bitcoin. Xu Xinghua from Shanxi province pleaded guilty to stealing 104,000 yuan (£11,300), which was used to mine 3.2 bitcoins. Given the current price of bitcoin, 3.2 bitcoins is worth only a little more than what was stolen, however in times past it would be worth a lot more.

(this is the article : https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-mining-china-prison-train-electricity-cryptocurrency-energy-environment-a8577791.html)

Hevs a little bit odd though. Why cant you steel electricity on your neighbor instead? Train network is a big deal. The difference between the number of miners then and now are lesser because of this. Mining needs a lot of power and ofcourse its expensive. The profit of the miners are lesser than their expenses.

pixie85

hero member

Activity: 2170

Merit: 528

Quote from: Kemarit on March 08, 2019, 10:26:28 AM

Using electricity and it will be billed to others is a crime. A big crime. I am more concerned about the people he stole the line. I wonder how did they react when the bill comes at their door and had big bills.

They won't have to pay the bill. When someone steals your car and hits a pedestrian you are not responsible. People who he was stealing from aren't either and no court will sentence them. He probably wasn't stealing from another person but straight from the street connection. It's much more difficult to tap into someone's house.

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: sheenshane on March 04, 2019, 09:38:59 AM

Quote from: Baofeng on February 27, 2019, 05:10:24 PM

Quote from: marcbitcoins on February 26, 2019, 12:31:45 AM

I thought that electricity is much cheaper in this country as they have lot of power plant specially nuclear powerplant https://www.euronuclear.org/info/encyclopedia/n/nuclear-power-plant-world-wide.htm. therefore there is no need to be against the law but maybe the man is just trying to earn huge thru mining that is why he do that but still stealing is a crime and punishable by law so hopefully Chinese people will refrain from doing it.

The keyword is stealing, that's why the man is punished by the Chinese government.
snip-

Well, maybe really used to steal electricity that we call "jumpering" in our country. This guy stole electricity but wasn't contented. To earn from the resources he stole, He used it to mine. What the heck is that?

Using electricity and it will be billed to others is a crime. A big crime. I am more concerned about the people he stole the line. I wonder how did they react when the bill comes at their door and had big bills.

You can't really underestimate people's stupidity and this is one classic example. How the hell it even crosses someone's mind to steal just to mine bitcoin for his own good? And on top of jail sentencing, he needs to pay a fine of 100,000 yuan (£10,930). You lost your freedom for three years and then you lost your mining gear and I'm sure by that time you get out, it's already obsolete and then you lost money here. How stupid move is that?

Hamphser

sr. member

Activity: 2506

Merit: 328

Quote from: imstillthebest on March 05, 2019, 10:25:15 PM

Quote from: sheenshane on March 04, 2019, 09:38:59 AM

Quote from: Baofeng on February 27, 2019, 05:10:24 PM

Quote from: marcbitcoins on February 26, 2019, 12:31:45 AM

I thought that electricity is much cheaper in this country as they have lot of power plant specially nuclear powerplant https://www.euronuclear.org/info/encyclopedia/n/nuclear-power-plant-world-wide.htm. therefore there is no need to be against the law but maybe the man is just trying to earn huge thru mining that is why he do that but still stealing is a crime and punishable by law so hopefully Chinese people will refrain from doing it.

The keyword is stealing, that's why the man is punished by the Chinese government.
snip-

Well, maybe really used to steal electricity that we call "jumpering" in our country. This guy stole electricity but wasn't contented. To earn from the resources he stole, He used it to mine. What the heck is that?

Using electricity and it will be billed to others is a crime. A big crime. I am more concerned about the people he stole the line. I wonder how did they react when the bill comes at their door and had big bills.

the same event happend to us , we are shocked that our electric bills got expensive unexpectedly even if we are still using the same gadgets and appliances eventually we found out that we have been "jumpered" jumpering or jumper is also the word to describe when someone is stealling electricity on our country/place . the guy in the news was genius but he uses his special ability in a bad way .

You would really be shocked in your electricity bills because mining operation do really consumes a lot and when the price of electricity on your place is high then
you would surely have a headache and been wondering on where those consumptions came from. Stealing electricity is really a big crime even here on my country too which suspect
would really face up several years of imprisonment.

imstillthebest

full member

Activity: 1638

Merit: 122

Quote from: sheenshane on March 04, 2019, 09:38:59 AM

Quote from: Baofeng on February 27, 2019, 05:10:24 PM

Quote from: marcbitcoins on February 26, 2019, 12:31:45 AM

I thought that electricity is much cheaper in this country as they have lot of power plant specially nuclear powerplant https://www.euronuclear.org/info/encyclopedia/n/nuclear-power-plant-world-wide.htm. therefore there is no need to be against the law but maybe the man is just trying to earn huge thru mining that is why he do that but still stealing is a crime and punishable by law so hopefully Chinese people will refrain from doing it.

The keyword is stealing, that's why the man is punished by the Chinese government.
snip-

Well, maybe really used to steal electricity that we call "jumpering" in our country. This guy stole electricity but wasn't contented. To earn from the resources he stole, He used it to mine. What the heck is that?

Using electricity and it will be billed to others is a crime. A big crime. I am more concerned about the people he stole the line. I wonder how did they react when the bill comes at their door and had big bills.

the same event happend to us , we are shocked that our electric bills got expensive unexpectedly even if we are still using the same gadgets and appliances eventually we found out that we have been "jumpered" jumpering or jumper is also the word to describe when someone is stealling electricity on our country/place . the guy in the news was genius but he uses his special ability in a bad way .

sheenshane

legendary

Activity: 2366

Merit: 1206

Quote from: Baofeng on February 27, 2019, 05:10:24 PM

Quote from: marcbitcoins on February 26, 2019, 12:31:45 AM

I thought that electricity is much cheaper in this country as they have lot of power plant specially nuclear powerplant https://www.euronuclear.org/info/encyclopedia/n/nuclear-power-plant-world-wide.htm. therefore there is no need to be against the law but maybe the man is just trying to earn huge thru mining that is why he do that but still stealing is a crime and punishable by law so hopefully Chinese people will refrain from doing it.

The keyword is stealing, that's why the man is punished by the Chinese government.
snip-

Well, maybe really used to steal electricity that we call "jumpering" in our country. This guy stole electricity but wasn't contented. To earn from the resources he stole, He used it to mine. What the heck is that?

Using electricity and it will be billed to others is a crime. A big crime. I am more concerned about the people he stole the line. I wonder how did they react when the bill comes at their door and had big bills.

Topic: Chinese man jailed for 3.5 years after stealing electricity to mine bitcoin (Read 802 times)