Topic: [Video] Bitcoin miners vs Third-world government steamroller! (Read 194 times)
vice article added to OP
I'm from a third world country, but even in a poor and third world country like my country the laws still work and if that happened in my country the machines would probably be reverted to the government and the government would sell at some auction, no it makes sense to destroy something as valuable as those machines, this no longer has anything to do with being from a third world country, this is being stupid in the extreme
It has happened in the city of Miri in Malaysia. After reading the description of the video with the help of a translator.
As the popular saying goes "if something bad happens, something good will come out of it".
According to this article one of the best destinations for Bitcoin Mining is USA because it is a country that has the cheapest and renewable energy sources as we know. Now I think Bitcoin Mining will have best mining equipment to reduce environmental impact.
Fortunately we have advocates like Michael Saylor, Jack and others who care about the future of Bitcoin and that they say that Bitcoin is one of the most clean industries in the world so they will be aware of this new direction that has taken the digital assets more Important that we currently own.
As the popular saying goes "if something bad happens, something good will come out of it".
According to this article one of the best destinations for Bitcoin Mining is USA because it is a country that has the cheapest and renewable energy sources as we know. Now I think Bitcoin Mining will have best mining equipment to reduce environmental impact.
Fortunately we have advocates like Michael Saylor, Jack and others who care about the future of Bitcoin and that they say that Bitcoin is one of the most clean industries in the world so they will be aware of this new direction that has taken the digital assets more Important that we currently own.
Quote
It also helps that the U.S. is also home to some of the cheapest sources of energy on the planet, many of which tend to be renewable. Because miners at scale compete in a low-margin industry, where their only variable cost is typically energy, they are incentivized to migrate to the world's cheapest sources of power.
https://www.cnbc.com/2021/07/17/bitcoin-miners-moving-to-us-carbon-footprint.html
https://www.cnbc.com/2021/07/17/bitcoin-miners-moving-to-us-carbon-footprint.html
That is ridiculous, but a very common practice in third world countries at same time. Have you ever heard the saying *every country has the government it deserves*?
The people behind this action are those who the people of the country allowed to rule themselves. It doesn't matter the local system: monarchy, oligarchy, tirany, democracy... That is what most people allow to happen in their territory. If there were a serious judiciary and revolt from the public opinion, I believe the responsibles for this act should have to pay each dollar these machines priced to the public vaults.
The people behind this action are those who the people of the country allowed to rule themselves. It doesn't matter the local system: monarchy, oligarchy, tirany, democracy... That is what most people allow to happen in their territory. If there were a serious judiciary and revolt from the public opinion, I believe the responsibles for this act should have to pay each dollar these machines priced to the public vaults.
The Malaysian Government probably doesn't want anyone to use those machines for illegal purposes again. You could argue that it could be use in legal ways if it was bought by a law abiding citizen through an auction but they don't to take any chances. Just respect their decision.
...I am sure bribing them could've worked out just fine,
I can't wait that you do this personally and suffer the consequences.
Holy fuck. That is atrocious and painful to watch. How does it make sense to destroy all those machines?? The idiots could have auctioned these off to individuals. Malaysians would have gotten their hands on some cheap mining gear and the state could have earned an income.
This just goes to show why Third world countries are called Third world. The fuck man. They stole electricity to run those poor machines that must have been hashing day in and day out. What did they ever do to be crushed under a roller? Wonder what kind of lawyers those Malaysians afforded that they couldn't even save legitimate property.
Of course mining it with stolen electricity is stupid and ethically wrong. Not to mention that if everyone did this, it'd screw up the game theory. But is mining and owning mining machines illegal?
This just goes to show why Third world countries are called Third world. The fuck man. They stole electricity to run those poor machines that must have been hashing day in and day out. What did they ever do to be crushed under a roller? Wonder what kind of lawyers those Malaysians afforded that they couldn't even save legitimate property.
Of course mining it with stolen electricity is stupid and ethically wrong. Not to mention that if everyone did this, it'd screw up the game theory. But is mining and owning mining machines illegal?
I saw this brutal video yesterday and it is so stupid waste of time and gas, when they could just sell those miners online and buy some food for poor people.
Someone commented on twitter that this video reminded him on burning of books that happened in history by nazis and communists.
Governments are the real virus and parasites.
Someone commented on twitter that this video reminded him on burning of books that happened in history by nazis and communists.
Governments are the real virus and parasites.
Oh they do alright. It's also how they destroy counterfeit fashion brand attire (!)
But even if they destroy this stuff, it doesn't matter because these people who do counterfeit stuff won't mind because they will just go back to doing the same thing no matter what also too bad that these miners have to see their equipments get destroyed but it could've been prevented if they have done something about making it legitimate.But how do you go about legitimizing a mining operation in Malaysia? The report in the first reply said that they were stealing electricity to run them i.e. they weren't paying for it. When you factor in the amount of electricity they used you get:
RM8.4 million of stolen electricity + RM5.3 million of miners puts you at an RM13.7 million net cost.
And because we don't know what model miners they used (not that it would matter much because judging from the article, they were only mining as long as there were power outages in 2021, so just a few months), we cannot estimate their ROI. Which again wouldn't be very high anyway, so given that they sustained a net loss from their [illegal] mining operation, one where they bought electricity legally would have an even bigger loss.
Oh they do alright. It's also how they destroy counterfeit fashion brand attire (!)
But even if they destroy this stuff, it doesn't matter because these people who do counterfeit stuff won't mind because they will just go back to doing the same thing no matter what also too bad that these miners have to see their equipments get destroyed but it could've been prevented if they have done something about making it legitimate. I also think they do not have a clue what exactly they are bulldozing?
Oh they do alright. It's also how they destroy counterfeit fashion brand attire (!)
Edit: And you have YouTubers dropping, hammering, and breaking their Apple products for fun, so there's that too! (the phrase for this concept is "collective stupidity")
Third world countries governments have the tendency to control their citizens I do not know why? This is pathetic, what harm these systems can bring to the citizen of their country? Rather than confiscating these rigs, they could have auctioned them and someone could have used those graphic cards for other legal projects. I also think they do not have a clue what exactly they are bulldozing?
These government agencies probably didn't get their proper bribes so they took it personal and destroyed the mining equipments. I think that even if it's illegal there must be some way to make it more lenient, I mean they are a third-world country agency, I am sure bribing them could've worked out just fine, I say that this is a cover to a much bigger operation to make it look like they are doing their jobs.
Damn that was my neighbour country 
im personally feel like sad see mining machine has been destroyed like that.
Yeah but right now bitcoin becoming asset so we need government approval for this
im personally feel like sad see mining machine has been destroyed like that. Yeah but right now bitcoin becoming asset so we need government approval for this
I tried to find a context and found out that it's all demolished because the owners are stealing an electricity to mine Bitcoin.
it's unfortunate they mined it in an illegal way. I wonder if they did it because of the unreasonable electricity cost or simply pure greed.
Quote from: https://www.thesundaily.my/local/police-seize-1069-bitcoin-machines-worth-rm53-mln-in-miri-NB8074807
Miri police chief ACP Hakemal Hawari today said eight individuals were also arrested for being involved in mining activities using electricity stolen from SEB’s electricity supply lines during the period.
“A total of six people have been successfully charged under Section 379 of the Penal Code for electricity theft and have been fined up to RM8,000 and jailed for up to eight months,“ he said in a statement, here.
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“The electricity theft for mining bitcoin activities has caused frequent power outages and in 2021, three houses were razed due to illegal electricity supply connections,“ he added.
“A total of six people have been successfully charged under Section 379 of the Penal Code for electricity theft and have been fined up to RM8,000 and jailed for up to eight months,“ he said in a statement, here.
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“The electricity theft for mining bitcoin activities has caused frequent power outages and in 2021, three houses were razed due to illegal electricity supply connections,“ he added.
it's unfortunate they mined it in an illegal way. I wonder if they did it because of the unreasonable electricity cost or simply pure greed.
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