Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia

roosbit

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Destroying those mining rigs isn't the solution, it might send shivers to would be miners but this isn't a lasting solution.
For your information People have tasted the profits that come from mining, don't expect their new found lifestyle to be halted just like this, they will become much smarter about it and continue mining their cryptocurrencies.

Quote from: ?? on ??

What for? Have they found no other use for miners?

They could have auctioned them and proceeds sent to electricity providers,what a loss for everyone.

macson

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Quote from: ?? on ??

I think it's only the Chinese government that applies this not the Malaysian government, maybe this happened because of the electrical wiretapping used by the miners so that the police intervened to prevent it and I think this is common, because we know that wiretapping We can say that the electricity that is done is against the rules

the chinese government hates bitcoin but has never destroyed mining tools like this. if this is true in malaysia then the country is very bad. they destroy it like a drug catch that spoils the younger generation, surely the miners who have it really are the ones to lose, i hope he is strong.

gabbie2010

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Quote from: Kittygalore on August 04, 2021, 11:37:44 AM

Quote from: ?? on ??

I think it's only the Chinese government that applies this not the Malaysian government, maybe this happened because of the electrical wiretapping used by the miners so that the police intervened to prevent it and I think this is common, because we know that wiretapping We can say that the electricity that is done is against the rules

There are proofs already that it was Malaysian government/authorities that did the steamrolling so I don't think that your hate against China is in the right place, remember that there are other countries that hates bitcoin, it's just that China is a bigger influence. Of course it's against the law, they are basically taking advantage of other people that pays electricity.

Its on Google and confirmed that the Malaysian police destroyed those mining equipment estimated at $1.7million confiscating and seizing them after a raid. Its a pity that the Malaysian government had joined the bandwagons of anti Bitcoin countries including China however it is very obvious that this wouldn't stop or discourage people from cryptocurrencies related projects of course miners will definitely relocate to a Bitcoin friendly countries after all binance was banned in China but relocated to Malta I expect miners who invested massively on mining equipment to follow suit.

Kittygalore

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Quote from: ?? on ??

I think it's only the Chinese government that applies this not the Malaysian government, maybe this happened because of the electrical wiretapping used by the miners so that the police intervened to prevent it and I think this is common, because we know that wiretapping We can say that the electricity that is done is against the rules

There are proofs already that it was Malaysian government/authorities that did the steamrolling so I don't think that your hate against China is in the right place, remember that there are other countries that hates bitcoin, it's just that China is a bigger influence. Of course it's against the law, they are basically taking advantage of other people that pays electricity.

BITCOIN4X

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The reason for the government's action to destroy bitcoin mining equipment in Malaysia is due to the theft of electricity as reported by the media. I don't know the exact other reason, but I was really shocked by the behavior of the miners who seemed poor enough to pay the electricity bills that theft of electricity was a solution for them. If the miners didn't steal the electricity, then I don't think the mining equipment was confiscated and destroyed.

Shasha80

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Quote from: Hamphser on August 03, 2021, 05:36:50 PM

Quote from: Shasha80 on August 03, 2021, 05:24:31 PM

I admit each country usually has different rules regarding handling issues related to Bitcoin miners, but what Malaysia is doing is not a good thing
to do. The Malaysian government should be able to benefit from the mining equipment, by auctioning it off to countries that legalize Bitcoin mining.
Not because they want to show power to the public, ended up missing something useful. What really upsets me is the effect of the Malaysian
government, finally making FUD which can cause the market to go back down. I also hope this news doesn't panic investors and doesn't make
ordinary people misunderstand about Bitcoin.

Events like this wont really be enough on taking the market down and we've seen countless situations which is similar to this but doesnt really give out total impact even though it does give out some negative

impression or views into the public which might create some FUD then this is the time on where possible effects could happen but its not an assurance to happen though.

Expect the unexpected and situations like these do happen since they do really have the power and once a certain thing do oppose their liking then expect for such step that
they would make.

If I think about it again, what the Malaysian government should have done should not have had a big effect on the market. What
the Malaysian government did by destroying mining equipment is indeed their right, because it is in their area of control. But at least
it has a negative effect for people who don't understand the crypto world, there must be an assumption that crypto is a negative thing,
so the mining tool needs to be destroyed. That impression worries me, and it could become FUD which might make some new investors
hesitate to enter the market. I hope my worries don't come true.

uneng

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I ask myself if Malaysia would also destroy bitcoin hardwares in case of seizing funds from criminals dealing with the crypto currency in that country. Because if they did it with mining equipment, it's not unlikely they would do the same with bitcoin itself. As I see it was done as propaganda against bitcoin, to impress the local population to stay away from activities which involve crypto currency, like mining. When a government destroys something (books, guns, piracy content or crypto mining equipments) it's because they want the population to fear that specific thing they are burning or destryoing, so people will stay away from that.

Hamphser

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Quote from: Shasha80 on August 03, 2021, 05:24:31 PM

Quote from: Rengga Jati on July 23, 2021, 06:25:11 PM

If this is confirmed as the mining equipment that steals electricity, it may be their law that they should destroy the equipment in order that the owners will not do mining again by stealing the electricity.
But, if this happens, this can really make a big influence and of course, the FUD will be again rising up. We can see how this bad news has been spreading in social media, creating FUD that Bitcoin mining has a very big problem again and it will destroy the price of BTC again. Well, there will be again, dropped price because of this FUD?
Hopefully, many of us are aware and do not panic about this FUD

I admit each country usually has different rules regarding handling issues related to Bitcoin miners, but what Malaysia is doing is not a good thing
to do. The Malaysian government should be able to benefit from the mining equipment, by auctioning it off to countries that legalize Bitcoin mining.
Not because they want to show power to the public, ended up missing something useful. What really upsets me is the effect of the Malaysian
government, finally making FUD which can cause the market to go back down. I also hope this news doesn't panic investors and doesn't make
ordinary people misunderstand about Bitcoin.

Events like this wont really be enough on taking the market down and we've seen countless situations which is similar to this but doesnt really give out total impact even though it does give out some negative

impression or views into the public which might create some FUD then this is the time on where possible effects could happen but its not an assurance to happen though.

Expect the unexpected and situations like these do happen since they do really have the power and once a certain thing do oppose their liking then expect for such step that
they would make.

Shasha80

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Quote from: Rengga Jati on July 23, 2021, 06:25:11 PM

If this is confirmed as the mining equipment that steals electricity, it may be their law that they should destroy the equipment in order that the owners will not do mining again by stealing the electricity.
But, if this happens, this can really make a big influence and of course, the FUD will be again rising up. We can see how this bad news has been spreading in social media, creating FUD that Bitcoin mining has a very big problem again and it will destroy the price of BTC again. Well, there will be again, dropped price because of this FUD?
Hopefully, many of us are aware and do not panic about this FUD

I admit each country usually has different rules regarding handling issues related to Bitcoin miners, but what Malaysia is doing is not a good thing
to do. The Malaysian government should be able to benefit from the mining equipment, by auctioning it off to countries that legalize Bitcoin mining.
Not because they want to show power to the public, ended up missing something useful. What really upsets me is the effect of the Malaysian
government, finally making FUD which can cause the market to go back down. I also hope this news doesn't panic investors and doesn't make
ordinary people misunderstand about Bitcoin.

DoublerHunter

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Quote from: AmoreJaz on August 03, 2021, 04:38:41 PM

Quote from: Wexnident on July 19, 2021, 07:04:47 PM

Kind of a waste tbh. They could've used it themselves or something instead of just, well, doing this. It's an absolute waste of resources and destroying them brings no benefit to any side. Even if we consider it from a political stance, it doesn't seem like it actually has any result at all? Not to mention that it isn't strictly Bitcoin their blaming but rather the illegal stealing of energy/electricity that the mining rigs no? Simply speaking, it's them enforcing the law.

Still looks quite a waste to me though.

i have to agree with you here. when i read the article outside the forum, i felt that the govt should have done alternative options rather than destroying those for nothing. they could have sold it for outside miners or export it to other countries. in that way, they got money that their govt badly needs during this crisis. but maybe for the sake of publicity, they just destroyed it. what a waste!
but anyway, we don't know what they're thinking here and the repercussions if they opted for other routes. maybe, we are just thinking what we view on this matter and would be different from their end.

^ In my opinion, that is a good idea to destroy once they get caught stealing electricity just to earn BTC in mining. This gives a lesson to those miners who doing it illegally, if someone will saw that news, it gives fear to those miners that did not work fair among others. However, is a kind of a waste but the government needs to take action seriously so that people think that they are combating those people who sis does not have economical damage like stealing electricity. and what next?

AmoreJaz

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Quote from: Wexnident on July 19, 2021, 07:04:47 PM

Kind of a waste tbh. They could've used it themselves or something instead of just, well, doing this. It's an absolute waste of resources and destroying them brings no benefit to any side. Even if we consider it from a political stance, it doesn't seem like it actually has any result at all? Not to mention that it isn't strictly Bitcoin their blaming but rather the illegal stealing of energy/electricity that the mining rigs no? Simply speaking, it's them enforcing the law.

Still looks quite a waste to me though.

i have to agree with you here. when i read the article outside the forum, i felt that the govt should have done alternative options rather than destroying those for nothing. they could have sold it for outside miners or export it to other countries. in that way, they got money that their govt badly needs during this crisis. but maybe for the sake of publicity, they just destroyed it. what a waste!
but anyway, we don't know what they're thinking here and the repercussions if they opted for other routes. maybe, we are just thinking what we view on this matter and would be different from their end.

wxa7115

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Quote from: kryptqnick on July 21, 2021, 05:30:20 AM

I wish they didn't destroy the equipment like this. I know they were making a point this way, but they could have put it on auction instead and return the money back to the state this way. That being said, I think it's fair they stopped this farm's operation because it wasn't even about cryptos as much as it was about stealing electricity. They should've paid the bills, and then it could've been a very different story. And then Ukraine's mentioned in the last paragraph, but it's also not about a crackdown of mining but about stopping those to steal electricity.

As I said before maybe they did not had the option to do so, if cryptocurrencies are illegal in Malaysia then they cannot legally sell those miners without breaking the law themselves, however if cryptocurrencies are legal there then I can agree that this wasn't necessary, however it is possible that they were afraid that if they were to sell those miners to people in their own country then this may happen again and they will be aiding criminals in the process that will steal their electricity in order to become profitable.

In which case they thought that the only option was to destroy those miners, so as we can see when we look at things from their own perspective what they are doing makes sense even if we do not like it at all.

Rengga Jati

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If this is confirmed as the mining equipment that steals electricity, it may be their law that they should destroy the equipment in order that the owners will not do mining again by stealing the electricity.
But, if this happens, this can really make a big influence and of course, the FUD will be again rising up. We can see how this bad news has been spreading in social media, creating FUD that Bitcoin mining has a very big problem again and it will destroy the price of BTC again. Well, there will be again, dropped price because of this FUD?
Hopefully, many of us are aware and do not panic about this FUD

franky1

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Quote from: TangentC on July 21, 2021, 12:48:45 PM

ASICS are like Heroin to the World's Power Grids. More Harm than good. Tongue

ASICS used in residential area's will cause brownouts/blackouts as the draw on residential curcuitry is in excess of what a traditional house requires

so illegal farms (not set up in industrial circuits) is what they are cracking down on the most

much like blackmarket illegal heroine..

however heroine has a pharma usage as a painkiller. so not all heroine is bad
its just how and where and by who its used that makes it bad or good

TangentC

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Quote from: adzino on July 21, 2021, 09:45:01 AM

Heard about this. Those miners were stealing power and mining crypto currencies. When the authorities realized this, the policed found them out and seized their equipment. What baffles me the most is that it took them almost four months to realize something was wrong lol.I am curious, why did they destroy those mining rigs? They could have just auctioned it and put the money to better use. What a waste...

Same reason, they don't auction off heroin when it gets seized, it does more harm than good to the general public.
Rolling backouts, put real people life at risk , especially those having medical procedures, needing heating or AC, or even driving if the traffic lights are out.

The China Ban, and others destruction of PoW miners will continue and grow until,
a change to a new algo or a way is found to use PoW without wasting so much energy.

ASICS are like Heroin to the World's Power Grids. More Harm than good. Tongue

adzino

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Heard about this. Those miners were stealing power and mining crypto currencies. When the authorities realized this, the policed found them out and seized their equipment. What baffles me the most is that it took them almost four months to realize something was wrong lol.I am curious, why did they destroy those mining rigs? They could have just auctioned it and put the money to better use. What a waste...

zanezane

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I am not a miner but I can feel the pain behind those rigs being flattened like a pancake but I am still against their action which is stealing electricity in a country that experience outages, that's the worst thing that you can do because you basically take advantage of other people.

Joca97

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I have seen this video a few times already on the internet.What they did is just shamefull. I dont know if this should scare the people because they did such a thing. They should make the user who stole the electricity pay a fine.Not destroy all the machines that for me is clear nonsense. If they stole something its a crime and they should be punished .But to use a steamroller to crash all the equipment that is worth lots of money is pointless.

BITCOIN4X

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Quote from: Fortify on July 20, 2021, 03:44:16 PM

Ultimately it shows weakness on the part of the Malaysian government, that they would rather show a shallow act of destruction than sell off these presumably valuable goods and use the proceeds to benefit their own people.

They could have done it, but it looks like the Malaysian government doesn't want to be seen stealing this mining equipment from the miners even though the proceed from the sale will be used for a useful purpose. Malaysia doesn't seem like a bitcoin-hating country, but the theft of electricity by miners for personal gain has sparked government anger. Electricity theft causes state losses and can be criminalized and fined in my country too. I think we really have to look at a different side of this incident and I wouldn't think that this act of destruction is another anti-bitcoin campaign from Asia.

Obito

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Quote from: kryptqnick on July 21, 2021, 05:30:20 AM

I wish they didn't destroy the equipment like this. I know they were making a point this way, but they could have put it on auction instead and return the money back to the state this way. That being said, I think it's fair they stopped this farm's operation because it wasn't even about cryptos as much as it was about stealing electricity. They should've paid the bills, and then it could've been a very different story. And then Ukraine's mentioned in the last paragraph, but it's also not about a crackdown of mining but about stopping those to steal electricity.

I think so too, destroying do send the message but it's not the least practical of all the possible choices, I also agree that they have to be punished for their actions, I mean the country is already having problems with their electricity and they want to steal it? That's just unfair.

Topic: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia (Read 623 times)