Chinese police raid miner factories in its oil capital city, 1k+ miners seized

Kemarit

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Quote from: iamTom123 on January 09, 2017, 08:38:47 PM

Quote from: Mbokani on November 05, 2016, 06:28:44 PM

Quote from: zby on November 05, 2016, 04:46:41 PM

Quote from: ynef on November 05, 2016, 04:30:50 PM

Legit?

Electricity theft - sounds plausible.

Electricity theft is an serious issue and they were greedy and dump enough to do so,with thousand plus miners they could have earned bitcoins well enough to cover the electricity charges,but greed got the better of them

Yes, so said that these miners resorted to illegal tapping of electricity so they can save more and churn out more profits. I think that mining in China for crytocurrencies is allowed but you have to follow their rules and regulations otherwise they will kill you lol.

That why you gonna love those China man, they would do anything illegal like
copying or faking items and selling cheap just to get their ROI fast. Grin

However, electricity is cheap and their is abundant supply in it in China
so why steal it? Do thy know that stealing electricity itself is an imprisonable
crime in their country? Perhaps even life imprisonment?

Yeah, I agree, maybe is "greed" taking over and the lure of getting the bitcoin
is the reason why they are resorting to illegal activities.

kryptqnick

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Quote from: Mbokani on November 05, 2016, 06:28:44 PM

Quote from: zby on November 05, 2016, 04:46:41 PM

Quote from: ynef on November 05, 2016, 04:30:50 PM

Legit?

Electricity theft - sounds plausible.

Electricity theft is an serious issue and they were greedy and dump enough to do so,with thousand plus miners they could have earned bitcoins well enough to cover the electricity charges,but greed got the better of them

How could they actually steal electricity? Just not really paying the bills?
Yeah, maybe you are right about that but you now, a few days ago I watched a documentary about these 4 Chinese gues mining 3% of all btc and you know what do they have to pay for electricity? $80k per month! That's crazy. And it means their income is a lot more. As far as I remember, they mined 4btc per day a year ago.

just_Alice

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Quote from: Eric Mu on December 02, 2016, 10:09:22 AM

I am not a sympathizer, but I think they serve some utility.

At least when some hardware can no longer be profitable for people like me, I have the confidence that someone out there can still squeeze some satoshies out of it thus they won't be worthless junk.

I mean the existence of these electricity thieves contributed to the value of secondhand hardware, right?

That would be right if they really bought some used miners from you at a decent price. Did they? I doubt that. People like them usually set such low prices that all that thing practically helps nobody. I'm young and thus maybe I'm wrong in this particular case but I think generally thieves are stealing not from one place only.

spazzdla

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Wondering if it was their obsolete mine and they just took S3's and S1's LMAO.,

Betwrong

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Quote from: Amph on January 10, 2017, 02:44:53 AM

Quote from: Mugamer on January 09, 2017, 11:09:28 PM

I think the price will increase highly because there are no free electricity for them and mining bitcoin will be more expensive. Chinese groups must decrease mining machines so that they can not sell bitcoins with cheap price and bitcoin will hit over 1,000$ again.

what the price have to do with them not minign anymore, i highly doubt a single little farm can put any dent in the market volatility

also chinese don't need to sell their bitcoin, they have roied on their equipment and new one will roi very fast because they have monstrous hashrate

they only need to pay their expenditures which is ridiculous low in comparion to what they are making

But to have a monstrous hashrate you need to invest a lot of money. It's really interesting how fast do they have ROI from this business. I think their expenditures are huge taking into account that they construct big buildings to host all the miners.

Amph

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Quote from: Mugamer on January 09, 2017, 11:09:28 PM

I think the price will increase highly because there are no free electricity for them and mining bitcoin will be more expensive. Chinese groups must decrease mining machines so that they can not sell bitcoins with cheap price and bitcoin will hit over 1,000$ again.

what the price have to do with them not mining anymore, i highly doubt a single little farm can put any dent in the market volatility

also chinese don't need to sell their bitcoin, they have roied on their equipment and new one will roi very fast because they have monstrous hashrate

they only need to pay their expenditures which is ridiculous low in comparion to what they are making

Mugamer

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I think the price will increase highly because there are no free electricity for them and mining bitcoin will be more expensive. Chinese groups must decrease mining machines so that they can not sell bitcoins with cheap price and bitcoin will hit over 1,000$ again.

iamTom123

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Quote from: Mbokani on November 05, 2016, 06:28:44 PM

Quote from: zby on November 05, 2016, 04:46:41 PM

Quote from: ynef on November 05, 2016, 04:30:50 PM

Legit?

Electricity theft - sounds plausible.

Electricity theft is an serious issue and they were greedy and dump enough to do so,with thousand plus miners they could have earned bitcoins well enough to cover the electricity charges,but greed got the better of them

Yes, so said that these miners resorted to illegal tapping of electricity so they can save more and churn out more profits. I think that mining in China for crytocurrencies is allowed but you have to follow their rules and regulations otherwise they will kill you lol.

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Quote from: jobach on December 26, 2016, 02:25:12 PM

Retards , i am totally fine with my renewable energy , costs less and it will be mine even after 20 years , i mean solar energy

https://bitcointalksearch.org/topic/--1667666

I waiting for your proof, dude. The solar was enough for covering our monthly electricity bills(little).

I may think if you have a lot of the field for building your solar mining and to be true you are a millionaire.

merchantofzeny

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Good for them. It's not fair that they're earning bitcoins through stolen electricity. It's activities like this that are giving btc a bad reputation. I bet somewhere out there some misinformed person is thinking bitcoin is some shady token that people are stealing electricity to get to sell to naive people.

jobach

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Retards , i am totally fine with my renewable energy , costs less and it will be mine even after 20 years , i mean solar energy

takagari

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Quote from: carlfebz2 on December 19, 2016, 04:25:47 AM

Quote from: takagari on December 18, 2016, 09:08:29 PM

Any shady cloud mining sites go down recently? lol

Whats the connection of mining sites related into this news? Maybe you are referring that they are running a cloud mining?I don't think so and they don't really matter to build one and as we can see they are using old miners and as mentioned above its more sufficient in electricity since they are using old miners but they will still be facing violations on stealing electricity.

And clearly a joke goes right over your head?
I was meaning that shady places stealing power line up perfectly with those shady cloud mining sites promising unrealistic pay outs, or near zero fee costs for running etc.

Quickdart

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Quote from: Factmine on December 19, 2016, 05:15:09 AM

Quote from: stomachgrowls on December 19, 2016, 05:06:35 AM

Quote from: Gotottack on December 19, 2016, 04:42:32 AM

Quote from: carlfebz2 on December 19, 2016, 04:25:47 AM

Quote from: takagari on December 18, 2016, 09:08:29 PM

Any shady cloud mining sites go down recently? lol

Whats the connection of mining sites related into this news? Maybe you are referring that they are running a cloud mining?I don't think so and they don't really matter to build one and as we can see they are using old miners and as mentioned above its more sufficient in electricity since they are using old miners but they will still be facing violations on stealing electricity.

Indeed, shady cloud mining has nothing to do with miners! These chinese mining operators are really mining bitcoins but they are stealing electricity which is illegal like in everywhere. Shady cloud mining sites don't really have miners. They only try scam people and say they have miners, but they actually don't have any and just makes a ponzi.

Thats the accurate definition of shady cloud mining on which they are just claiming that they are running mining farms but the truth is that those farm doesnt exist at all.
In which part of the world we could able to hear that stealing electricity is legal?None,right?If we are planning to run mining operation we should consider first the electricity cost.

Yeah, that's why they got caught. The government put them in jail and confiscated the miners. What's wrong here too is that maybe these operators are just leasing out their facilities to people who want's their miners to be ran in an environment with cheap electricity. So now the people who send their miners to be ran by them are now gone.

I am wondering how the miners will be disposed?

Factmine

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Quote from: stomachgrowls on December 19, 2016, 05:06:35 AM

Quote from: Gotottack on December 19, 2016, 04:42:32 AM

Quote from: carlfebz2 on December 19, 2016, 04:25:47 AM

Quote from: takagari on December 18, 2016, 09:08:29 PM

Any shady cloud mining sites go down recently? lol

Whats the connection of mining sites related into this news? Maybe you are referring that they are running a cloud mining?I don't think so and they don't really matter to build one and as we can see they are using old miners and as mentioned above its more sufficient in electricity since they are using old miners but they will still be facing violations on stealing electricity.

Indeed, shady cloud mining has nothing to do with miners! These chinese mining operators are really mining bitcoins but they are stealing electricity which is illegal like in everywhere. Shady cloud mining sites don't really have miners. They only try scam people and say they have miners, but they actually don't have any and just makes a ponzi.

Thats the accurate definition of shady cloud mining on which they are just claiming that they are running mining farms but the truth is that those farm doesnt exist at all.
In which part of the world we could able to hear that stealing electricity is legal?None,right?If we are planning to run mining operation we should consider first the electricity cost.

Yeah, that's why they got caught. The government put them in jail and confiscated the miners. What's wrong here too is that maybe these operators are just leasing out their facilities to people who want's their miners to be ran in an environment with cheap electricity. So now the people who send their miners to be ran by them are now gone.

stomachgrowls

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Quote from: Gotottack on December 19, 2016, 04:42:32 AM

Quote from: carlfebz2 on December 19, 2016, 04:25:47 AM

Quote from: takagari on December 18, 2016, 09:08:29 PM

Any shady cloud mining sites go down recently? lol

Whats the connection of mining sites related into this news? Maybe you are referring that they are running a cloud mining?I don't think so and they don't really matter to build one and as we can see they are using old miners and as mentioned above its more sufficient in electricity since they are using old miners but they will still be facing violations on stealing electricity.

Indeed, shady cloud mining has nothing to do with miners! These chinese mining operators are really mining bitcoins but they are stealing electricity which is illegal like in everywhere. Shady cloud mining sites don't really have miners. They only try scam people and say they have miners, but they actually don't have any and just makes a ponzi.

Thats the accurate definition of shady cloud mining on which they are just claiming that they are running mining farms but the truth is that those farm doesnt exist at all.
In which part of the world we could able to hear that stealing electricity is legal?None,right?If we are planning to run mining operation we should consider first the electricity cost.

Gotottack

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Activity: 882

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Quote from: carlfebz2 on December 19, 2016, 04:25:47 AM

Quote from: takagari on December 18, 2016, 09:08:29 PM

Any shady cloud mining sites go down recently? lol

Whats the connection of mining sites related into this news? Maybe you are referring that they are running a cloud mining?I don't think so and they don't really matter to build one and as we can see they are using old miners and as mentioned above its more sufficient in electricity since they are using old miners but they will still be facing violations on stealing electricity.

Indeed, shady cloud mining has nothing to do with miners! These chinese mining operators are really mining bitcoins but they are stealing electricity which is illegal like in everywhere. Shady cloud mining sites don't really have miners. They only try scam people and say they have miners, but they actually don't have any and just makes a ponzi.

carlfebz2

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Quote from: takagari on December 18, 2016, 09:08:29 PM

Any shady cloud mining sites go down recently? lol

Whats the connection of mining sites related into this news? Maybe you are referring that they are running a cloud mining?I don't think so and they don't really matter to build one and as we can see they are using old miners and as mentioned above its more sufficient in electricity since they are using old miners but they will still be facing violations on stealing electricity.

takagari

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Any shady cloud mining sites go down recently? lol

shinratensei_

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Quote from: Eric Mu on December 18, 2016, 02:47:10 AM

Quote from: shinratensei_ on December 17, 2016, 11:32:27 PM

Quote from: stomachgrowls on December 17, 2016, 09:36:42 AM

Quote from: Oilacris on December 17, 2016, 04:36:00 AM

Quote from: eaLiTy on December 04, 2016, 03:44:29 AM

Quote from: Eric Mu on December 02, 2016, 10:09:22 AM

I am not a sympathizer, but I think they serve some utility.

At least when some hardware can no longer be profitable for people like me, I have the confidence that someone out there can still squeeze some satoshies out of it thus they won't be worthless junk.

I mean the existence of these electricity thieves contributed to the value of secondhand hardware, right?

yes these sort of thieves will be happy getting the second hand hardware but i wish all the thieves who stole electricity gets the real taste of prison and i think china does have a harsh punishment for these sort of things

Stealing electricity is a serious crime and for sure those who steal power will end up on jail and I assume that those miners that have been confiscated will be stored or they will use it again by the government.Im not sure but theres a possibility.If that situation happens to my country they will only charge on a small bail and could get out easily with the crime or violation they commited.

Its really a serious crim and as i saw on the pictures those are old miners but still a good way to make profits since they have free source of electricity but their happy mining has ended since they are being busted by government.As mentioned above those second thieves will be happy Cheesy

I may think if they use the old miner because it will make the room wasn't over heat. With the lighter electricity comparing with the new asic and totally it was being worth for running the mining farm for silently.
So this has applied in the silent mining at the apartment. Roll Eyes

They use cheaper older gear - I heard that the reason Avalon A6s maintain strong prices is because they are so reliable and require little human handling thus are highly popular among these guys

Cheap, effective and efficiency. The complete words.

Eric Mu

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Quote from: Betwrong on December 18, 2016, 06:06:40 AM

Quote from: philipma1957 on December 04, 2016, 02:43:40 AM

Quote from: Eric Mu on December 02, 2016, 10:09:22 AM

I am not a sympathizer, but I think they serve some utility.

At least when some hardware can no longer be profitable for people like me, I have the confidence that someone out there can still squeeze some satoshies out of it thus they won't be worthless junk.

I mean the existence of these electricity thieves contributed to the value of secondhand hardware, right?

Be careful the police could be reading Grin

haha, right. Stealing is bad no matter how good you are in justifying it. They should have not steal and they'd be fine I guess, electricity prices are low in China. I don't think this incident will affect the attitude towards Bitcoin in general in China and I think the country will remain staying among the top miners in the world.

Sure I don't think any culture condones theft, yet condemnation and publishment notwithstanding, it remains and for a miner, a factor to consider when estimating value of hardware - for instance, lots of thieves favored avalon miners cuz there are low-maintenance compared with antminers.

Topic: Chinese police raid miner factories in its oil capital city, 1k+ miners seized (Read 7638 times)