Jump to content
nolep

Chinese police seized 7000 bitcoin mining rigs

Recommended Posts

Hello,
I just read the news if the police in China have confiscated 7000 bitcoin rigs because they stole government electricity.
after getting that information I was annoyed and wondered if the decline in bitcoin today was caused by the news because what we knew was very influential on prices in the market, and China itself is a supporter of 50% of global hashes.

What do you think about this news, I myself hope this news does not make the market prices go down continuously.

https://coinnounce.com/chinese-authorities-seize-7000-bitcoin-mining-rigs-and-arrest-72-cloud-token-operators/


the police also managed to arrest 72 cloud token operators so that hopefully this can reduce the fraud that occurred in crypto.
Actually crypto mining is legal in China and permitted by the government, but it was confiscated because it stole electricity and was also involved in fraud and fraud which is quite well known.
I myself also quite avoid mining activities because it is prone to fraud, and of course it's better to buy mining tools myself because it's better and avoid fraud. it's just that the costs required to do personal mining is to make us spend a large enough capital to purchase mining machines and also the costs of electricity, maintenance. yes a lot of costs are needed, unless they are people who have a lot of capital and deliberately carry out mining activities to hold bitcoin in the future. because for many owners of mining capital currently spending a lot of capital, but in the future it will get many benefits, therefore I say that mining activities have nothing to lose. but this deception really made the crypto name ugly

Edited by nolep

Share this post


Link to post
Share on other sites
2 minutes ago, nolep said:

the police also managed to arrest 72 cloud token operators so hopefully this can reduce the fraud that occurred in crypto.

Now this news piece is a bit controversial. Bitcoin mining is a legit operation and in China they are being done openly because the government supports them. Still I guess like any other Op you need to pay some "extortion fees" to authorities to keep yourself safe and being late in doing so gets you caught and put behind the bars for a short period of time. Now mining with rigs is a genuine mining, there is nothing fraudulent going on here.

However cloud mining is a scam, because they dont any mining even though they say they do. Those are HYIP/MLM ponzi scams and their operators need to be punished.

Share this post


Link to post
Share on other sites
10 minutes ago, UltraChief said:

Now this news piece is a bit controversial. Bitcoin mining is a legit operation and in China they are being done openly because the government supports them. Still I guess like any other Op you need to pay some "extortion fees" to authorities to keep yourself safe and being late in doing so gets you caught and put behind the bars for a short period of time. Now mining with rigs is a genuine mining, there is nothing fraudulent going on here.

However cloud mining is a scam, because they dont any mining even though they say they do. Those are HYIP/MLM ponzi scams and their operators need to be punished.

if they pay it will be safe and not thrown in jail, it can be called a bribe and those who receive it can be jailed as well. if this tactic continues, it can be said that hyip and ponzi are difficult to stop because they are protected by the police, so they can be difficult to punish.

Share this post


Link to post
Share on other sites

Well I do not blame the government. If people stole electricity from me (regardless of the purpose), I would also expect the police to stop them from operating. It is pure theft in my opinion. It just happens to be something which is indirectly contributing to the bitcoin network (since the more hashing power is out there, the quicker transactions go). However, at the same time, miners get rewarded from the blockchain, so technically they were exploiting other people's resources in order to personally gain from this operation.

So I think new bitcoin miners will just step in, so I am really not worried about this :)

Share this post


Link to post
Share on other sites
21 hours ago, nolep said:

Hello
I just read the news if the police in China have confiscated 7000 bitcoin rigs because they stole government electricity.
after getting that information I was annoyed and wondered whether the decline in bitcoin today was caused by the news because what we knew was very influential on prices in the market, and China itself is a supporter of 50% global hashes.

how do you think of this news, I myself hope this news does not make the market price down continuously.

https://coinnounce.com/chinese-authorities-seize-7000-bitcoin-mining-rigs-and-arrest-72-cloud-token-operators/
the police also managed to arrest 72 cloud token operators so hopefully this can reduce the fraud that occurred in crypto.

fake news, fake news everywhere. the real post was posted on twitter and i actually can't find it. mining btc is a legit business where even the government of china is envolved and they offer advantages for high level of investors.

well; the real news was that they did money laundering with users from usa, and helped the us officials with moving money in china avoiding the taxes.

that's what happened. 

Share this post


Link to post
Share on other sites
9 hours ago, iulianbutanu said:

fake news, fake news everywhere. the real post was posted on twitter and i actually can't find it. mining btc is a legit business where even the government of china is envolved and they offer advantages for high level of investors.

well; the real news was that they did money laundering with users from usa, and helped the us officials with moving money in china avoiding the taxes.

that's what happened. 

friends, the bitcoin rig was confiscated not because it violated government regulations but because they had stolen electricity so it hurt the country. therefore the police confiscated and arrested the operator, and also the operator involved in the HYIP and MLM cases that we know is fraud.

Share this post


Link to post
Share on other sites

My god, this is depressing news indeed... 7000+ mining rigs worth of electricity and they were thinking that no one would eventually find out?

I get how electricity costs can drive profits down, but with that many no. of rigs at risk, can you really afford to break the law and have your investment confiscated? There's no worst feeling than being on top of the world... only to have reality drag you back down into its arms.

On top of all that, shirking the responsibility of actually paying for your power may have ended up costing the world (and yourself) way more. If your assumption is true, the decline in Bitcoin prices would also have hurt them to quite a large extent. 

This is a moral reminder of what happens when you do not take it seriously, especially when you are an influential force in itself. 😤

Share this post


Link to post
Share on other sites
On 26/12/2019 at 16:14, iulianbutanu said:

fake news, fake news everywhere. the real post was posted on twitter and i actually can't find it. mining btc is a legit business where even the government of china is envolved and they offer advantages for high level of investors.

well; the real news was that they did money laundering with users from usa, and helped the us officials with moving money in china avoiding the taxes.

that's what happened. 

Wow, I guess I did not even take the time to see how legitimate this news article was. I think this is a good lesson for all to do more research before we assume the truth.

Share this post


Link to post
Share on other sites

This is not good news for bitcoin and it has a big impact on price, 7000 BTC is a huge number but today's value has increased slightly.
I think the electricity bill to dig 7,000 mining rigs is a terrible number that will certainly cost the government, the police did a great job of stopping them because it was a theft of resources to make dirty money. , if it were me, I would stop them even though it would make the Bitcoin network speed faster
Hopefully there will be no such news anymore, the news always affects the value of Bitcoin

Share this post


Link to post
Share on other sites
1 hour ago, watchmen said:

This is not good news for bitcoin and it has a big impact on price, 7000 BTC is a huge number but today's value has increased slightly.
I think the electricity bill to dig 7,000 mining rigs is a terrible number that will certainly cost the government, the police did a great job of stopping them because it was a theft of resources to make dirty money. , if it were me, I would stop them even though it would make the Bitcoin network speed faster
Hopefully there will be no such news anymore, the news always affects the value of Bitcoin

news like this not only makes the price of bitcoin affected but it also makes the cryptocurrency name quite bad, the loss of electricity that they make I think is quite a lot so that the police have intervened and arrested them. but there are also those who believe that these arrests were made because they did not pay a deposit, so they were arrested. Friends above are 7000 mining tools instead of 7000 bitcoins, if that is 7000 bitcoins, of course the amount is very large and the number of mining tools is more than 7000, but what makes this even worse is the operators who are also involved by HYIP and fraud with Ponzi schemes.

Share this post


Link to post
Share on other sites

Well i think they just confiscated it becouse they really like to have thier own crypto currency.as we noticed they are now making to promote thier own crypto.in this currently year crypto is slowly using all country to be able to can afford to go along with the crypto world.

Share this post


Link to post
Share on other sites

Frankly, the work carried out by this platform is inappropriate and I think it is very natural for the government to do this and confiscate everything because this platform was supposed to secure a large and legitimate electricity source like renewable electricity sources because these platforms need a very large electricity source

Share this post


Link to post
Share on other sites
Posted (edited)
22 hours ago, VrOdaN said:

i think it was a fake post but im not sure 

You can read the news in the link that I linked above, read it in full so you can get the information correctly. the post was also made by a trusted site on news crypto so I made sure it was correct.

Edited by nolep

Share this post


Link to post
Share on other sites
3 hours ago, Iracliy said:

And I think why Bitcoin began to recover and grow in value. Now it's all clear)

bitcoin prices have started to stabilize, not continuously going up and down, the daily increase is also not too high, only around 5% and for today it has started to fall by 2% but the current price is very good and I hope it can last until halving arrives.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


×