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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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.

Betwrong

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I stand with Ukraine.

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.

Eric Mu

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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

Eric Mu

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Quote from: Gotottack on December 17, 2016, 11:37:27 PM

Quote from: Factmine on December 17, 2016, 01:47:33 PM

This is probably why there has been quite a lot of bitcoin mines in china. Especially those miner hosters in China, where a bitcoiner could send his miner and the operator will just charge a fee for running the miner. I think the reason why there has been a lot of those bitcoin miner hosts is that in china it is quite easy to steal electricity. Maybe we should check out some of the hosts offering such service.

This is really incredible news. So I think people should really investigate these chinese operators of bitcoin miners. They might all be stealing electricity to lower cost by a huge margin. I would like other people who try to invest in these mining operators in china to think twice. I saw one thread on the services section that a china man was offering bitcoin mining facilities where you will send over you miner to mine there. If his mining operation was also illegal and then your miners will also be confiscated by their government. Poof, no more miner and bye investments.

I assume you were referring to me. No, the SinoHash Penthouse is literally right next door to the hydro power station; it was built on top of a two storey building shared by their staff.
Most of these illegal operations are near oil fields in Northeastern part of the country. They are usually not staffed - just a bunch of machines humming away, unattended.

Not in Sichuan where I am based in.

Gotottack

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Quote from: Factmine on December 17, 2016, 01:47:33 PM

This is probably why there has been quite a lot of bitcoin mines in china. Especially those miner hosters in China, where a bitcoiner could send his miner and the operator will just charge a fee for running the miner. I think the reason why there has been a lot of those bitcoin miner hosts is that in china it is quite easy to steal electricity. Maybe we should check out some of the hosts offering such service.

This is really incredible news. So I think people should really investigate these chinese operators of bitcoin miners. They might all be stealing electricity to lower cost by a huge margin. I would like other people who try to invest in these mining operators in china to think twice. I saw one thread on the services section that a china man was offering bitcoin mining facilities where you will send over you miner to mine there. If his mining operation was also illegal and then your miners will also be confiscated by their government. Poof, no more miner and bye investments.

shinratensei_

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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

Factmine

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This is probably why there has been quite a lot of bitcoin mines in china. Especially those miner hosters in China, where a bitcoiner could send his miner and the operator will just charge a fee for running the miner. I think the reason why there has been a lot of those bitcoin miner hosts is that in china it is quite easy to steal electricity. Maybe we should check out some of the hosts offering such service.

stomachgrowls

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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

Oilacris

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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.

Barbut

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Quote from: philipma1957 on November 20, 2016, 05:28:03 PM

Quote from: Eric Mu on November 17, 2016, 10:08:17 AM

I wonder how the police would dispose of those seized hardware. Are they mining themselves? Or were they destroyed or auctioned to the mining community that uses legal electricity - which I doubt as it would be unprofitable.

I would think they would destroy it. As it is older gear.

I would love for this to happen more often.

But there just may not be that much really old gear.

In my country all seized things are going to auction. Maybe Chinese have something similar, of course no right away. Process first to finish, and if there were criminal activity all things on the farm will he seized and sold on auction, except drugs and weapons.
Cause of this is just an old gear maybe they will destroy it if there is no one interested for buying them.

Searing

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Quote from: Dank14 on November 11, 2016, 01:20:55 PM

Obviously they did think they will get away with it and for a while it seemed as if they actually got away with it.

catch is if they had it go to a throw away shed/building and somehow gotten Inet access...and had it mine remote to a BTC address
..then when they eventually got caught..they could walk away..hoping they got away with it long enough to make sense with likely old ASIC machines.

then again in China they probably have 'cameras' everyplace so putting the stuff in would have been iffy

anyway just a thought...if you are gonna try to be a criminal mastermind..I mean work out a criminal mastermind level of planning

eaLiTy

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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?

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

philipma1957

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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?

Be careful the police could be reading Grin

Eric Mu

sr. member

Activity: 471

Merit: 500

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?

chesatochi

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I think if you play by the rules even in China, you can make a decent profit from mining and have a legal business. Why steal electricity! Now they lose all the equipment and they will have a criminal record. Also, they surely pay a fee and they probably going to jail.

JasonXG

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Even communist scum are not that stupid to take away miners for no reason . As others have said it must have been about electricity theft which makes a lot of sense. Whatever mining company that was must have made a killing not paying their electricity bills but now I guess they facing charges that will kill all their profits because of the stack of fines they must pay. So at the end of the day it really was not worth it.

arnbrd

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With electricity so low in some areas, I'd rather win pennies that will become gold some day that win a bit for a week and lose all my gear.

QuintLeo

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Quote from: Milkduds on November 11, 2016, 07:53:13 PM

So much strange news coming out of China lately its hard to know for sure if its legit with out knowing how to fact check it.
Seems like the pre election it was Chinese issues and now we are back on it.

Stealing power in one of the cheapest places to get power seems like a good plan.

Electric rates in China VARY - they might see more variation than the USA or Canada sees depending on where in the country someone is at.

A very large part of the "super cheap hydropower" for China is in areas that are low on population, and they don't have anywhere near the transmission infrastructure that the USA has to distribute it.

The 3 Gorges Dam complex in particular seems to have a lot of it's power go to waste 'cause they can't get enough of it to anywhere useful (yet), and they've not gotten enough "close enough TO use it" industry built up to date to fully utilise the capasity of those generators.

philipma1957

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'The right to privacy matters'

Quote from: Eric Mu on November 17, 2016, 10:08:17 AM

I wonder how the police would dispose of those seized hardware. Are they mining themselves? Or were they destroyed or auctioned to the mining community that uses legal electricity - which I doubt as it would be unprofitable.

I would think they would destroy it. As it is older gear.

I would love for this to happen more often.

But there just may not be that much really old gear.

Eric Mu

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I wonder how the police would dispose of those seized hardware. Are they mining themselves? Or were they destroyed or auctioned to the mining community that uses legal electricity - which I doubt as it would be unprofitable.

philipma1957

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'The right to privacy matters'

Quote from: Milkduds on November 11, 2016, 07:53:13 PM

So much strange news coming out of China lately its hard to know for sure if its legit with out knowing how to fact check it.
Seems like the pre election it was Chinese issues and now we are back on it.

Stealing power in one of the cheapest places to get power seems like a good plan.

If you read the article it looks like all old gear S-2's S-4's S-5's and dragon miners which use .6 to 1.2 watts per gh.

The only way you can earn money with this gear is with free or 1 cent power. So most likely this is a true story. Someone had a lot of old gear and decided to steal to run it.

Now if you can get legit 3-5 cent power. The s-7 still works to make money at 5 cent power the s-7 makes make at a diff of 400 around 16 usd a month.

At 3 cents the s-7 makes money at a diff of 600 around $14.50 usd a month

Milkduds

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So much strange news coming out of China lately its hard to know for sure if its legit with out knowing how to fact check it.
Seems like the pre election it was Chinese issues and now we are back on it.

Stealing power in one of the cheapest places to get power seems like a good plan.

shinratensei_

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Activity: 3276

Merit: 1029

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Quote from: BitcoinBarrel on November 10, 2016, 06:59:27 PM

Did they seriously think they would get away with stealing that much power?

Running bitcoin are not be sue you for always in there and monitoring your mining farm. to be honest, if they think they can building the hidden farm and trying for leave them in the hidden place and this is are not useful at all.

They are forget if the police are having a brain. Cheesy

Dank14

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Obviously they did think they will get away with it and for a while it seemed as if they actually got away with it.

BitcoinBarrel

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Did they seriously think they would get away with stealing that much power?

shinratensei_

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Quote from: philipma1957 on November 06, 2016, 01:34:35 PM

Here is google and I say it happened. Seems pretty clear cut.

Gear looks to be s-2 s-4 s-5 and maybe dragon miners
so the only way they can make money is stolen power.

12000 machines at 1-2th is only 10 or 20 ph still most likely a lot more out there.

this is good news. my hope is the s-7 farms stealing power get caught. (if they exist)

The police will catch more if they are wanna for searching or investigating about the other place, You might for seeing about the S-7 farm get seized by the police with a lot of the population are too difficult for controlling the intention of electricity theft.
https://www.cryptocoinsnews.com/chinese-bitcoin-miners-busted/

QuintLeo

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Quote from: leowonderful on November 06, 2016, 02:22:43 PM

I guess this is good for us as the difficulty's going down some, and the chinese have slighly lost hashrate, but could this be the begining of the Chinese government really cracking down on mining and Bitcoin? Not saying that they haven't already tried, but it's some interesting stuff.

Crackdown on a site for electricity theft is NOT a crackdown on bitcoin.

leowonderful

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I guess this is good for us as the difficulty's going down some, and the chinese have slighly lost hashrate, but could this be the begining of the Chinese government really cracking down on mining and Bitcoin? Not saying that they haven't already tried, but it's some interesting stuff.

philipma1957

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'The right to privacy matters'

Here is google and I say it happened. Seems pretty clear cut.

Gear looks to be s-2 s-4 s-5 and maybe dragon miners
so the only way they can make money is stolen power.

12000 machines at 1-2th is only 10 or 20 ph still most likely a lot more out there.

this is good news. my hope is the s-7 farms stealing power get caught. (if they exist)

Shiroslullaby

sr. member

Activity: 434

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Can someone translate this?
Is it possible to tell what kind of miners those are from the pictures?
I think it would be stupid to risk a lot of new mining equipment by stealing power.

It could be real, growing up I saw people doing illegal power hookups all the time.
(I even know of someone who died trying to hook up illegal wiring.)

jay8291

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It can be electricity theft issue as you can see in first pic, if it is legit.

U2

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I used to be indecisive, but now I'm not sure...

Quote from: BitcoinHodler on November 06, 2016, 10:57:04 AM

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.

- posted in Speculation board.(edit: moved after report thanks to the mod)
- by a brand new, throwaway account
- with not enough evidence
- after the drama and the FUD about China and bitcoin to push price down.

i have no other conclusion than calling bullshit.

Hehe, ya. Pics or it didn't happen. I'd like to see some legitimate news on this. It's hard to tell what's made up and clearly the OP with 1 post (this one) has an agenda.

BitcoinHodler

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HODLing is an art, not just a word...

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.

- posted in Speculation board.(edit: moved after report thanks to the mod)
- by a brand new, throwaway account
- with not enough evidence
- after the drama and the FUD about China and bitcoin to push price down.

i have no other conclusion than calling bullshit.

Mbokani

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Activity: 291

Merit: 250

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

zby

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

Legit?

Electricity theft - sounds plausible.

ynef

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Legit?

Ayrantt

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http://news.dqdaily.com/2016-11/04/content_4252348.htm

This week, Chinese police raid douze miner factories in its oil capital city of China for electricity theft, over 1k + miners seized.

http://news.dqdaily.com/attachement/png/site2/20161104/4487fc424a031986123c08.png

http://news.dqdaily.com/attachement/png/site2/20161104/4487fc424a0319861ea816.png

http://news.dqdaily.com/attachement/png/site2/20161104/4487fc424a03198612720a.png

Topic: Chinese police raid miner factories in its oil capital city, 1k+ miners seized (Read 7641 times)