Chinese man jailed for 3.5 years after stealing electricity to mine bitcoin - page 2.

Baofeng

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Quote from: marcbitcoins on February 25, 2019, 11:31:45 PM

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.

And yeah, maybe 'greed' also is a factor, he wanted to mined more bitcoin that he is capable with, and well his re-course is to take advantage but unfortunately, he was caught and sentence to 3.5 years. It is worth it? No, what he did is really against the law and is punishable. And I'm sure he once he get out, he will go back to crypto but I don't know if he is going to solo mine or not at the difficulty will go up 2020 plus he needs to buy new model of mining hardware. Grin

gantez

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Quote from: orions.belt19 on February 26, 2019, 06:39:54 AM

The man was probably trying to save from the cost of electricity by doing so.

He of course would be familiar with the punishment. If he tries to save cost and succeeds, he excess profit won't also reflect in his tax. That is if he is not a tax invader. It is nice that people do the right thing for a better living.

milewilda

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Quote from: orions.belt19 on February 26, 2019, 06:39:54 AM

Quote from: marcbitcoins on February 25, 2019, 11:31:45 PM

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.

Even if electricity were cheaper, it would still be illegal to steal electricity to mine bitcoin. Mining takes up a large consumption of electricity, so something like that would definitely alarm the authorities. The original intent for the elctricity was not for mining bitcoin, so when it was used for other purposes, it’s then considered as stealing. The man was probably trying to save from the cost of electricity by doing so.

No matter what purpose you do make use of that electricity as long you do pay then it wont really cause any problems to you.No matter on where you would
used it as long you do obliged yourself to pay on whats being used. Even you do just tap that wire and consuming 1-2 digit KwH then it would be always considered
as stealing and other forms of it would always be illegal.Therefore, going to jail is just a common consequence for those who violates.

orions.belt19

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Quote from: marcbitcoins on February 25, 2019, 11:31:45 PM

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.

Even if electricity were cheaper, it would still be illegal to steal electricity to mine bitcoin. Mining takes up a large consumption of electricity, so something like that would definitely alarm the authorities. The original intent for the elctricity was not for mining bitcoin, so when it was used for other purposes, it’s then considered as stealing. The man was probably trying to save from the cost of electricity by doing so.

happy5571

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[quote/]But let us consider other factors such as:
-Inflation Rate
-Lost time serving in jail
-and of course having a criminal record in your resume

He may look like he is not paying much for the crimes he committed but this guy's future is inevitable ruined. Most employers if not hire you will give you a lesser role because you have been to jail that is why having a criminal record would definitely destroy your future, and I think 1,800$ is really not worth it, this person after serving his time will now have a hard time of earning money.
[/quote]

It‘s absolutely a bad thing for his applying for a job in the future if a resume contains a criminal record. Through, we also see this from another aspect. Given he has not paid any compensation for his crime committed, that is to say, he still has at least 3.2 BTC during the period of severing the jail. When he went out after 3.5years, the price of BTC may up to Unimaginably expensive level, then he may earn much more money. With that money, they can independently start his own business and do not need to work for another company.
In this way, it is also a good choice. Hope that he does not commit the crime.

marcbitcoins

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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.

Capt00

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Quote from: palle11 on February 25, 2019, 10:22:22 AM

Quote from: fisheater on October 15, 2018, 02:08:31 AM

There are so many in China that steal and don't get caught

That is simply to say , "all days are for the thief and one day is for the owner". He has been caught and penalized maximally which is meant to scare other intending thieves away. He must have violated a section of the Chinese law or rule whose penalty is also known or inscribed therein.

Yes, I agreed with you, probably there's one time that they are caught and penalized by the authority. Not now, but for sure time to time they were busted and jailed for how many years. Stealing in government property is easy to trace them so, that is not a good idea at all.
You can work hard without stealing that makes ruined your life.

palle11

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Quote from: fisheater on October 15, 2018, 02:08:31 AM

There are so many in China that steal and don't get caught

That is simply to say , "all days are for the thief and one day is for the owner". He has been caught and penalized maximally which is meant to scare other intending thieves away. He must have violated a section of the Chinese law or rule whose penalty is also known or inscribed therein.

BLAST2MARS

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Quote from: Dominic_Johnson on October 12, 2018, 03:34:55 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)

A very bad decision. He could have just do trading and then use the profit of what he will get to start his mining business. It's a train network so what was he thinking? The management will find it out easily. But then again, he can hold all those bitcoins that he mined and when he gets out, he'll be a chinese millionaire for sure.

Theb

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Quote from: LeGaulois on October 31, 2018, 12:04:39 PM

So, The man isn't paying a lot for what he committed, he is jailed for the same amount of his crime. what is left $1,8k represents 6 months of a minimum wage in his country. Trust me in another country he could have had a lot more jail time + pay back the money.

But let us consider other factors such as:
-Inflation Rate
-Lost time serving in jail
-and of course having a criminal record in your resume

He may look like he is not paying much for the crimes he committed but this guy's future is inevitable ruined. Most employers if not hire you will give you a lesser role because you have been to jail that is why having a criminal record would definitely destroy your future, and I think 1,800$ is really not worth it, this person after serving his time will now have a hard time of earning money.

LeGaulois

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- Considering £11,300 = $14412

If you do the maths:
- Minimum wage in China: $300 (?)
- 3.5 years x $300= $12,600

So, The man isn't paying a lot for what he committed, he is jailed for the same amount of his crime. what is left $1,8k represents 6 months of a minimum wage in his country. Trust me in another country he could have had a lot more jail time + pay back the money.

rolleth.io

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It is sad to see people that break the law in search of profit. But do not despair, the person got what he deserved. The only disappointment is the fact that the Chinese authorities will begin to closely monitor the bitcoin market.

doodle07

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Stealing is just an unlawful act so it is right to give them some punishment and consequences, its a government regulation that everybody should respect. We can just do what we want but we have to remain rightful and a law abiding citizen.

iMark

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Quote from: passwordnow on October 12, 2018, 03:47:23 AM

I think this doesn't belong to Legal.

You shouldn't really steal anything and even electricity for your own generation of profit. This makes mining look bad for the people that doesn't really know what bitcoin and mining is, poor guy.

Yeah even though there are no regulations and rules regarding crypto, and maybe cryptocurrency is still illegal, it doesn't mean you
can steal something related to crypto and there is no punishment, theft is still illegal and you deserved to jailed

Hamphser

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Quote from: Firefox07 on October 29, 2018, 06:36:13 PM

Stealing is a very bad habit. But there are allot of people who will do anything to generate good income. And they don't care if its bad. Like those people who steal the cryptos of other people. So this man will face the consequence of his actions.

But these kind of options are only being made by those people who are just too greedy and they do make an option even if they do know its completely illegal.
Now, if they have being caught then they do easily regret on what they have done.If we dont like to make ourselves to mind these kind of options then before mining
we should study first about on our profitability and all the expenses would have made.

bryant.coleman

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This is what happens when people get too greedy. He already had the mining rigs, which accounts for most of the capital expenditure. The electricity costs are considerable, but they are nowhere near the capital expenses.

Ridwan Fauzi

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Quote from: Firefox07 on October 29, 2018, 06:36:13 PM

Stealing is a very bad habit. But there are allot of people who will do anything to generate good income. And they don't care if its bad. Like those people who steal the cryptos of other people. So this man will face the consequence of his actions.

I just think, at this time to find illicit money is difficult already furthermore looking for money that is lawful according to the efforts made by someone and he feels satisfied with the money he got. And the legal problem that was accepted by that person was naturally he got because every country had a different legal concept, and even in my country a law could be assessed with money to make the law malfunction.

That's true, but most of the cryptocurrency theft problems that have happened before so far they can still breathe calmly, there is no attempt for every authority to arrest them.

creeps

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Quote from: passwordnow on October 12, 2018, 03:47:23 AM

I think this doesn't belong to Legal.

You shouldn't really steal anything and even electricity for your own generation of profit. This makes mining look bad for the people that doesn't really know what bitcoin and mining is, poor guy.

Yeah, this is how greedy they are just to earn profit and this kind of news can affect cryptomarket because people may think that bitcoin is really not that good. If you earn a lot in mining better to do it right or you will be like this man who will suffer because of greediness.

Its better to follow the rules/laws in your place than to suffer later on, this is just a money don't do anything that can make you broke later on. Don't rush to earn huge money, go on the process, take it slowly but surely and you will achieve your goal.

Firefox07

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Stealing is a very bad habit. But there are allot of people who will do anything to generate good income. And they don't care if its bad. Like those people who steal the cryptos of other people. So this man will face the consequence of his actions.

olubams

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Stealing from the government for private benefit is a criminal activity that should be punished and discouraged. Even in businesses, its wrong to use the official properties for personal gains. But in this case, while the man should be punished, sentencing him to 3.5 years in prison is on the extreme that goes beyond just discouraging an action but to send a message about government stand against the continuous popularity of bitcoin.

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