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Title: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Hydrogen on July 19, 2021, 11:11:29 PM Quote https://i.ibb.co/HYNYZb2/1626460485663-screenshot-19.jpg As Bitcoin’s price surged this spring to a new all-time high, the spotlight shining on its controversial mining process only got brighter. Bitcoin, Ethereum, and many other cryptocurrencies use an energy-intensive “proof-of-work” process that makes computers on its decentralized network compete to solve complex mathematical equations to verify a batch of transactions; this makes the network less susceptible to certain attacks, and earns miners crypto rewards. Given the competitive element in the quest for valuable cryptocurrency, powerful mining rigs—essentially, PCs purpose-built to maximize mining rewards—are the preferred tool of serious crypto miners. They are expensive, and persistent demand and manufacturing delays can mean months-long waits for rigs to be delivered. This week, police in Malaysia crushed 1,069 of them with a steamroller. Authorities in the city of Miri in Sarawak, Malaysia seized 1,069 rigs from miners alleged to have stolen electricity for their operations, per a report from local publication The Star. The devices were seized in a joint operation between Miri police and Sarawak Energy Berhad between February and April, and have an estimated value of RM5.3 million ($1.25 million USD), according to the outlet. Six individuals were arrested for electricity theft in the operation, and “have been fined up to RM8,000 and jailed for up to eight months," according to a statement from Miri police chief ACP Hakemal Hawari that was quoted by The Star. Local Sarawak news outlet Dayak Daily adds that the rigs were collected over the course of six separate raids. Sarawak Energy Berhad estimates that it lost RM8.4 million ($2 million USD) in energy that was stolen from its lines for the mining operation, the outlet reported. Dayak Daily also uploaded a video to YouTube showing the miners being steamrolled. Neither outlet stated why the police felt it was necessary to destroy the machines in such dramatic fashion, though it certainly sends a strong message. Electricity theft is a persistent issue in numerous regions where Bitcoin is mined, as some operators use illegal means to secure the cheap electricity necessary to make a big profit mining cryptocurrency. "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," The Star quotes Hawari as saying. According to the report, the mining rigs were demolished in the parking lot of the Miri district police headquarters this week, as seen in the video above. Bitcoin enthusiasts might watch the video and see dreams of prospective crypto wealth crushed to bits, while anti-mining advocates are likely to see Bitcoin’s ecological impact being slightly curtailed amidst all of that e-waste. Bitcoin’s distributed ledger design ensures the security and stability of the blockchain network, but the mining model requires exorbitant amounts of energy. Digiconomist estimates that the Bitcoin network now uses as much energy annually as the entire county of Sweden, and the energy use of the network is sure to rise as more mining power is added to the network (and vice versa). The leading cryptocurrency’s early-year surge was halted in part by Tesla announcing in May that it would no longer accept Bitcoin payments, citing concerns over the use of fossil fuels in mining. It was an about-face for the electric car maker, which announced in February that it had purchased $1.5 billion worth of Bitcoin to hold on its balance sheet, and soon after began accepting Bitcoin payments for a brief span. Tesla CEO Elon Musk, the terminally-online Dogecoin memer, has since become reviled by many crypto enthusiasts for his perceived meddling in the scene, including the formation of a “Bitcoin Mining Council.” Bitcoin’s price fell swiftly following Tesla’s announcement, and at a current price just above $32,000 per coin, it’s worth about half of its all-time high set in April. China’s increasing crackdown on cryptocurrency has also recently dampened enthusiasm around the industry. Crypto mining has been banned in multiple provinces, causing the Bitcoin network’s hash rate (or total computational power) to sink as miners shut down or move abroad. The People’s Bank of China also told top banks and payments services to root out cryptocurrency users and implement stricter know-your-customer processes. Earlier this week, the Ukrainian Security Service (SBU) similarly busted a crypto mining operation for allegedly stealing electricity from a nearby regional energy provider. That bust had its own unique hook: some 3,800 PlayStation 4 consoles made up the majority of the seized devices, as the systems had apparently been modified to mine an unidentified cryptocurrency. Game consoles are significantly less powerful than dedicated PC mining rigs, but there’s still potential for profit when the energy cost is zero. https://www.vice.com/en/article/7kv739/police-destroy-1069-bitcoin-miners-with-big-ass-steamroller-in-malaysia .... Video of incident: https://www.youtube.com/watch?v=c_tcg9kOfkg Is it fair to say a political statement is being made here? Malaysia is doing this as a gesture of appeasement towards china's hard anti bitcoin stance. Initially, china banned crypto mining. Many miners relocated their equipment to other countries, or sold them online. The evolution of this process is malaysia now destroying mining units to prevent them from being relocated or sold. Is there a legitimate motive for outright destroying mining units. Rather than auctioning or selling them. Aside from politics? Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: GreatArkansas on July 19, 2021, 11:19:18 PM I saw this video recently on Twitter and some users claiming it's on China, really FUD and fake news, lol.
This is another crime that some governments will start to become strict with cryptocurrency, but for me, Bitcoin got nothing to do with it, people are. In some country too they are destroying some items that are involved with crime, one of the example are smuggled items, like cars. They are destroying them in public, so in this case, it was almost the same case, doing publicity. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: hatshepsut93 on July 19, 2021, 11:31:43 PM Is it fair to say a political statement is being made here? Malaysia is doing this as a gesture of appeasement towards china's hard anti bitcoin stance. I doubt that. Bitcoin isn't politically significant, that would be a quite useless and noncommittal move. They didn't want to auction the miners, because they could again create the same problem of electrical outages and electricity stealing. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: sheenshane on July 19, 2021, 11:53:04 PM Is crypto banned in Malaysia?
If miners doing it illegally and stealing electricity or any illegal activity that against their country just to continue mining, that deserves to be them seizing their mining rigs or mining equipment and being destroyed, I remember this the same case here in my country when there's a backdoor or smuggled cigarette that being seized they destroy them all so that didn't use anymore. We might do mining without stealing electricity and might we're fine if crypto doesn't ban in our country. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Wexnident on July 20, 2021, 12:04:47 AM 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. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Yaunfitda on July 20, 2021, 12:27:43 AM As far as Asian politics go, I don't think that Malaysia did this to appeased China.
Remember that Malaysia is one country that has territorial claims in the South China Sea, and recently they have summoned China's ambassador after they violated Malaysia's airspace. Quote Malaysia says it is to summon China's ambassador after 16 Chinese military aircraft flew over disputed waters off its eastern state of Sarawak. Fighter jets were scrambled to intercept the transport planes on Monday after detecting "suspicious" activity over the South China Sea. Malaysia's foreign ministry described the manoeuvre as a "serious threat to national sovereignty". China, however, said its aircraft had abided by international law. Malaysia, the Philippines, Brunei, Taiwan and Vietnam all contest China's claim to almost all of the South China Sea. The row has rumbled on for decades but tensions have increased in recent years. Beijing continues to claim an area known as the "nine-dash line" and has backed its claim with island-building and patrols, expanding its military presence while maintaining that its intentions are peaceful. https://www.bbc.com/news/world-asia-57328868 @GreatArkansas has a point, maybe this is really in China and not in Malaysia. And assuming this is Malaysia, maybe those miners are tapping illegal electricity and that's why they have to destroyed it in public. And I don't think the Malaysian government is sending signal that they are anti-bitcoin. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: TangentC on July 20, 2021, 02:17:36 AM Quote https://i.ibb.co/HYNYZb2/1626460485663-screenshot-19.jpg https://www.vice.com/en/article/7kv739/police-destroy-1069-bitcoin-miners-with-big-ass-steamroller-in-malaysia Is there a legitimate motive for outright destroying mining units. Rather than auctioning or selling them. Aside from politics? The answer to your question was in the article Quote mining Bitcoin activities has caused frequent power outages, PoW is a technical dead end, as it is designed as a winner take all system that uses up all available energy. * Note the increased energy used does nothing to increase performance only supposed security, which is also false, since bitcoin security is really the 4 mining pool operators that agree not to collude and doublespend, so energy used is irrelevant. * China Permanently banned Bitcoin mining because of PoW threat to their power grid, Iran has temporary banned bitcoin mining because of PoW threat to their power grid, expect this to become permanent within a year. At the end of the day the destruction of a power grid is becoming a greater risk than any sane person will accept. Which is why you see videos like above as they want it known, no PoW miners should ever try mining their again. Bitcoin users have no one to blame except the bitcoin developers who have ignored this energy wasting issue since 2013. The current PoW ASIC energy sucking system will be banned by all governments in time, so that mean bitcoin either gets banned with it or finally goes to a new design. 8) Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: mk4 on July 20, 2021, 02:34:27 AM Is crypto banned in Malaysia? If miners doing it illegally and stealing electricity or any illegal activity that against their country just to continue mining, that deserves to be them seizing their mining rigs or mining equipment and being destroyed, I remember this the same case here in my country when there's a backdoor or smuggled cigarette that being seized they destroy them all so that didn't use anymore. We might do mining without stealing electricity and might we're fine if crypto doesn't ban in our country. Pretty much this. While it doesn't make that much sense to literally destroy the miners when they can just auction it off for money for important purposes, I guess they're doing this just to send a message to all the illegal miners out there. As expected though, since a lot of people really don't read articles, they will think that this is Malaysia banning Bitcoin LOL. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: SquirrelJulietGarden on July 20, 2021, 02:47:54 AM Is it fair to say a political statement is being made here? Malaysia is doing this as a gesture of appeasement towards china's hard anti bitcoin stance. It is what Malaysian government did with miners who theft electricity to mine Bitcoin. Or it is what they do to all Bitcoin miners in the nation? In the quote, I see it is the first one.Quote Is there a legitimate motive for outright destroying mining units. Rather than auctioning or selling them. Aside from politics? It is wasteful to destroy like this but I guess the Malaysian governments want to signal that they don't tolerate for stealing electricty to mine Bitcoin.Quote Initially, china banned crypto mining. Many miners relocated their equipment to other countries, or sold them online. The evolution of this process is malaysia now destroying mining units to prevent them from being relocated or sold. It is good if other nations won't ban Bitcoin mining as same as China.https://cbeci.org/mining_map What will happen in China? Ban, crackdown mining. So how about ASIC manufacturing there? Will they ban this industry too? Internet used to be banned in the past, then now every nation allows it. Some dictatorships like China, North Korea have local restrictions but Internet is everywhere. https://twitter.com/Davincij15/status/1416384616265564164 Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: noorman0 on July 20, 2021, 03:16:58 AM -snip- I can confirm that the incident really happened in Malaysia based on the police uniform and badge.@GreatArkansas has a point, maybe this is really in China and not in Malaysia. And assuming this is Malaysia, maybe those miners are tapping illegal electricity and that's why they have to destroyed it in public. And I don't think the Malaysian government is sending signal that they are anti-bitcoin. Image from different angle. https://regmedia.co.uk/2021/07/18/handout_miri_police_malsyia_crushed_mining_computers.jpg Uniform comparison: Malaysia (https://www.google.com/search?q=malay+police+uniform&tbm=isch&ved=2ahUKEwiXufW_0fDxAhWmMbcAHaxDCKcQ2-cCegQIABAA&oq=malay+police+uniform&gs_lcp=CgNpbWcQAzoECCMQJzoECAAQQzoFCAAQsQM6CggAELEDEIMBEEM6BwgAELEDEEM6AggAOgQIABAeOgQIABATOggIABAIEB4QE1DXmQhYyc4IYNrQCGgAcAB4AIABXIgB5AuSAQIyMJgBAKABAaoBC2d3cy13aXotaW1nwAEB&sclient=img&ei=kjn2YJeoJabj3LUPrIehuAo&bih=674&biw=1349&client=firefox-b-e&hl=id#imgrc=u85mXPg8eRJdvM) >< China (https://www.google.com/search?q=china+police+uniform&client=firefox-b-e&sxsrf=ALeKk02ZzVnKqNdPbCnXfUFys8t3tHjBXA:1626749423311&tbm=isch&source=iu&ictx=1&fir=9C-HsVZhIFMErM%252CIMXx6vn6dvVfIM%252C_&vet=1&usg=AI4_-kQ-uCdxndGTNP6kjtJhGIroiWTCoQ&sa=X&ved=2ahUKEwjs3o7s0fDxAhURjeYKHX3vCKgQ9QF6BAgSEAE&biw=1366&bih=674#imgrc=0HAqNYphSxE6NM&imgdii=cCD0arvaYupceM) -snip- That is a good warning, a sign that Malaysia is not really banning mining activities as long as miners comply with local regulations.They are destroying them in public, so in this case, it was almost the same case, doing publicity. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Fundamentals Of on July 20, 2021, 03:46:35 AM This is probably not a political statement. This is a very strong statement to those who are involved in such illegal activities.
This show of aggressiveness against Bitcoin miners who are stealing electricity might not even be about Bitcoin itself. This is just a strong message to everyone that in the face of insufficient electricity, stealing it is to be dealt with strongly. Power outages is rampant in the area and one of the reasons is the theft done by Bitcoin miners. The local government needs to issue a strong warning. This is their way. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: stompix on July 20, 2021, 04:18:42 AM Nothing political:
Quote Six individuals were arrested for electricity theft in the operation It's the law, you steal, you need to be held accountant for it.As for the destruction, is again the law, depends on the country, it's not like everything that police seize in an arrest is held for auction, counterfeit goods are destroyed, confiscated food with no papers is destroyed since probably they have no legal way of auction something that is used for a nonregulated activity int he country that was the easiest thing to do. Plus if they would only have seized the gear it wouldn't have made the headlines everywhere, now the guy involved in underground operations know they will also permanently lose the gear on arrest so they might think twice. I saw this video recently on Twitter and some users claiming it's on China, really FUD and fake news, lol. Of course, if there is something bad happening for BTC or there is negative news is definitely fake or FUD. /s Even the Chinese mining ban was fake and FUD. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Jawhead999 on July 20, 2021, 04:28:07 AM Confiscated goods are deserve to be destroyed in publicity since if they didn't destroy it many people will said police is a thief and use that goods for himself. Selling or auctioning those confiscated goods is just like a corruption and doesn't looks fair on both side from the police and perpetrator.
Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: leea-1334 on July 20, 2021, 04:48:54 AM I think I saw this already in another thread somewhere,,, happened last week.
Is crypto banned in Malaysia? If miners doing it illegally and stealing electricity or any illegal activity that against their country just to continue mining, that deserves to be them seizing their mining rigs or mining equipment and being destroyed, I remember this the same case here in my country when there's a backdoor or smuggled cigarette that being seized they destroy them all so that didn't use anymore. We might do mining without stealing electricity and might we're fine if crypto doesn't ban in our country. This has nothing to do with crypto being banned it is about stealing electricity,,, which is a crime in any country. Like in Iran where this is rampant, government makes a big subsidy for power to people, but if you steal it, then it makes them mad:) I always think destroying illegal things is stupid though. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: davis196 on July 20, 2021, 05:11:50 AM Quote Is there a legitimate motive for outright destroying mining units. Rather than auctioning or selling them. Aside from politics? People in my country are literally stealing electricity in order to mine cryptocurrencies. I guess that's why some governments are hostile towards cryptocurrency mining and the mining hardware. It's better to destroy that mining hardware,instead of selling it to people,that might start stealing electricity again and mine crypto.This is the way of thinking of all the government clerks and officials. Destroying mining equipment isn't a big deal.I hope that the equipment gets recycled,instead of being sent to the trash and contributing to environment pollution.After all,everybody wants crypto mining to be clean and safe. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: blockman on July 20, 2021, 05:20:22 AM I also saw this somewhere and firstly thought that instead of breaking them into pieces, they can just confiscate them and put them into good use. Well, that reasoning of theirs, I can't imagine that it's just all about avoiding being sold and reuse. But the main thing is that the owners of it have been robbing electricity to continue their operations which is against the law everywhere! I think if there's an outage through their electricity consumption, they can also implement what Iran did for imposing a temporary ban for a few months just to sustain and ease the problem of electricity shortage.
Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Anonylz on July 20, 2021, 05:27:08 AM Quote Is there a legitimate motive for outright destroying mining units. Rather than auctioning or selling them. Aside from politics? People in my country are literally stealing electricity in order to mine cryptocurrencies. I guess that's why some governments are hostile towards cryptocurrency mining and the mining hardware. It's better to destroy that mining hardware,instead of selling it to people,that might start stealing electricity again and mine crypto.This is the way of thinking of all the government clerks and officials. Destroying mining equipment isn't a big deal.I hope that the equipment gets recycled,instead of being sent to the trash and contributing to environment pollution.After all,everybody wants crypto mining to be clean and safe. Makes sense, if anyone going to mine btc genuinely with a fully paid electricity without cutting corners, they will most probably run at loss because of the high electricity cost in some countries, using an illegal means to mine btc is definitely a crime that is punishable by the law, government are at the receiving end with their actions because their electricity usage for mining most be running in thousands or millions depending on the countries currency that are unpaid for for, if they are not ready to own up to their responsibilities as miners i guess they left the government no choice than to be hostile. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Imran232 on July 20, 2021, 05:54:20 AM When i saw this video on twitter and on a telegram channel its truely heart me a lot. They didn't destroy this machine only they distroy the hope of others of that country. Who wants to be a miner or a crypto users. I don't know which country from this video because some country says its from china or some says its from Malaysia. What ever but the government kill our freedom. Its really affect soo much on crypto price not Only that some people sell their crypto to buy second hand car or some goods. Because of this type of FUD. Don't know what happen next.
Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Robinson66 on July 20, 2021, 08:21:49 AM If it is stolen from time to time, it can be damaged, but it is a bit wasteful. You still have to obey the law. If the country prohibits mining, you can change to another place to continue, it is not illegal. If you continue to mine in a country that is not allowed by the law, then you will be illegal. The state’s destruction of these mining machines is also a kind of energy loss, but the law has been promulgated and can only be enforced. So everyone should abide by the law.
Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Lorence.xD on July 20, 2021, 08:31:24 AM I doubt that. Bitcoin isn't politically significant, that would be a quite useless and noncommittal move. They didn't want to auction the miners, because they could again create the same problem of electrical outages and electricity stealing. If you look at it, them steamrolling the mining rigs is kind of a stupid thing and was just a distraction to the real problem which is the electricity outages, it's not like the power outages happens just with this rig if the people in power don't fix the grid then the destruction of those rigs would be for naught and nothing more than showing that they don't plan to solve the problem.Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: stompix on July 20, 2021, 08:40:45 AM They didn't destroy this machine only they distroy the hope of others of that country. Hopes of getting rich by stealing?I don't know which country from this video because some country says its from china or some says its from Malaysia. Read the topic, there is enough info in it to cast aside any doubt.What ever but the government kill our freedom. Freedom to steal? Never heard of that one! Its really affect soo much on crypto price not Only that some people sell their crypto to buy second hand car or some goods. Because of this type of FUD. Why should anyone sell their coins because some electric energy thieves were caught? It's just stupid.And about the FUD, where is the uncertainty and doubt in this story? Those are actual facts, so it is more of a FAF! People in my country are literally stealing electricity in order to mine cryptocurrencies. I guess that's why some governments are hostile towards cryptocurrency mining and the mining hardware. It's not just one country, everybody does, it happened even in the UK (https://www.bbc.com/news/uk-england-birmingham-57280115) so If anyone thinks it's a third world country thing no, it's not, the western world has its own cases, the only difference between countries might be in the cause of concern, some would focus on the actual value of the stolen energy and some on the problems caused to the grid. If somebody starts such an operation in a small village it's going to cause a lot of them, that's close to 1.5 MW of energy added 24/7 even at peak hours, assuming those were s9 and the average household consumption of 935kwh per household in Malaysia that means the farm consumed on average as much as 13 000 houses in the country. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: avikz on July 20, 2021, 09:22:53 AM The reason for these operation is that these miners were stealing electricity. But it seems that the enforcement agencies have gone beyond thier call of duty by destroying these mining rigs. I am sure some of the seized mining rigs will end up at the home of some policemen if they know where it needs to be used. But that's everywhere.
In my country, police used to raid DVD centers where pirated DVD used to be created. Majority of these seized DVDs usually ended up with the children of those policemen. Funny but the sad reality of misusing the power. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: iTradeChips on July 20, 2021, 10:29:53 AM 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. Same as with the dozens of lamborghinis and ferraris and ducatis that were bulldozered in the Philippines last year. Was able to enter the country illegally without proper taxation. So these smuggled goods, instead of being sold to the highest bidder in an auction, it was instead destroyed as an example to those who will attempt to smuggle good in the country without following the proper process. Same as with the rigs stealing electricity. It is a wrong doing so it should not be shown as a political act but as a criminal act. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: NeuroticFish on July 20, 2021, 12:11:08 PM Kind of a waste tbh. ~ Same as with the dozens of lamborghinis and ferraris and ducatis that were bulldozered in the Philippines last year. Was able to enter the country illegally without proper taxation. So these smuggled goods, instead of being sold to the highest bidder in an auction, it was instead destroyed as an example to those who will attempt to smuggle good in the country without following the proper process. Same as with the rigs stealing electricity. It is a wrong doing so it should not be shown as a political act but as a criminal act. While it may be a stronger message if they destroy the goods publicly (and the information may go viral), I also agree that's a waste (especially with the chip shortage lately) and they could have monetized them (e.g. sell them) to recover some of the "damage" caused by those who were stealing. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: aysg76 on July 20, 2021, 12:25:42 PM The government will always try to curb such mining related activities and give electricity consumption and carbon footprint excuses ignoring how much energy the other sector uses despite of their output is not what btc is delivering to the people.But what Malaysia government has done actually is to showcase miners that if you indulge in any sort of crypto fraud and electricity theft you would be charged and machinery would be destroyed and it seems to be practical somehow because they have not banned mining or btc trading but only caught the miners who were consuming electricity without payment.So they get punished under this act as miners are earning from rewards so they should not make such tricks to make money and enjoy freedom of mining.
Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: oHnK on July 20, 2021, 01:03:55 PM I don't think that was a bad idea, because as long as I know in the police institution which is responsible for applying the policy about mitigation, controlling, education and literation, until cases handling. They have their own standard operating procedure that should be applied such as handling of evidence. The main topic of this news is about the destruction of evidence of a criminal case of theft of electricity in BTC mining. We understand that this is a criminal case, no one can defend their criminal case but when we talk about the evidence, whether the police destroy the evidence and that was right or this is just a political issue? In my point of view, this is just the way to educate society not to do the same thing, and if it is allowed to be auctioned, then it will cause a new problem.
Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Vishnu.Reang on July 20, 2021, 01:44:40 PM I don't get the purpose of steamrolling the machines and destroying them. If the intention is to deter Bitcoin mining or electricity theft, then I don't think that it will send a strong message. Those who are behind this power theft would have already cashed out the coins. The authorities could have auctioned the mining rigs and collected some money that could have at least partially reimbursed their losses. IMO, it was an emotional decision to destroy the mining rigs. Unless the culprits are very sensitive individuals, they are not going to care about it.
Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: masterrex on July 20, 2021, 02:22:59 PM The Malaysian authorities action is very clear and it was a strong message, that stealing electricity in their country to mine Bitcoin will face the same fate, and I think it is a very effective public warning for future offenders, but on the other side destroying $1.2 Million worth mining machines is not efficient, why just destroy some of them to show and send the message to the public and most of it will be sold for an auction? anyway, it was just my opinion.
But in terms of Bitcoin and cryptocurrency being banned, I guess the Malaysian regulators are not so serious about it because since 2017-2018 a lot of rumors about the possible Bitcoin and cryptocurrency trading banned in Malaysia but until now it's not yet happening. I guess the Malaysian financial authorities are carefully studying the case. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Kakmakr on July 20, 2021, 02:33:03 PM I think it is absolute stupidity, because Malaysia is not a very "rich" country and a lot of the citizens are struggling..... ::) I saw the video on TikTok for the first time and they said it was in China.. so I kind of accepted it, because we know what government they have.
I would have used those miners to subsidize small mining farms for the people who are unemployed or just sell them to international buyers and take the proceeds of that and pushed it back into the economy to reduce the tax burden or to subsidize job creation or funding for small informal businesses. Why does authorities take poor decisions like this? (Just doing it to score political points with the Banks...or voters that are apposed to Crypto currencies) Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: lablab03 on July 20, 2021, 03:07:44 PM I saw this video recently on Twitter and some users claiming it's on China, really FUD and fake news, lol. thanks for exposing this kind of news, i thought there will be another down trend in the market. Lol btw that's really sad news because how of many of those machine that they destroyed and it's was so expensive.. I saw some news from china that they transfer all of those mining equipment to another country. But this one seems different.. :DTitle: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: bekti3 on July 20, 2021, 03:15:06 PM Again this is due to the impact of China, which has a huge effect on all views of each country. there is anti-China, there is anti-communist and so on. into the political sector and even I think Bitcoin needs to be saved from this kind of thinking. there is no political element contained in it. So far, the case in Malaysia has not been further clarified by the Ministry of Economy.
Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: UserU on July 20, 2021, 03:20:09 PM Is crypto banned in Malaysia? If miners doing it illegally and stealing electricity or any illegal activity that against their country just to continue mining, that deserves to be them seizing their mining rigs or mining equipment and being destroyed, I remember this the same case here in my country when there's a backdoor or smuggled cigarette that being seized they destroy them all so that didn't use anymore. We might do mining without stealing electricity and might we're fine if crypto doesn't ban in our country. Trading crypto isn't illegal, as there are only three licensed entities; Luno, Tokenize and SINEGY. Still, the amount of red tapes are hell aplenty hence why big players like Binance couldn't/ wouldn't set their foot there. Meanwhile, adoption is pretty much in its infancy stage since eWallets adoptions are actively encouraged by the government instead. I think it is absolute stupidity, because Malaysia is not a very "rich" country and a lot of the citizens are struggling..... ::) I saw the video on TikTok for the first time and they said it was in China.. so I kind of accepted it, because we know what government they have. Malaysia is rich in terms of oil and rubber exports but the political landscape makes it look like some third-world shithole. Lots of politicking, race and religions cards thrown about. Even during this pandemic. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: pawanjain on July 20, 2021, 03:58:49 PM The answer to your question was in the article Quote mining Bitcoin activities has caused frequent power outages, PoW is a technical dead end, as it is designed as a winner take all system that uses up all available energy. * Note the increased energy used does nothing to increase performance only supposed security, which is also false, since bitcoin security is really the 4 mining pool operators that agree not to collude and doublespend, so energy used is irrelevant. * China Permanently banned Bitcoin mining because of PoW threat to their power grid, Iran has temporary banned bitcoin mining because of PoW threat to their power grid, expect this to become permanent within a year. At the end of the day the destruction of a power grid is becoming a greater risk than any sane person will accept. Which is why you see videos like above as they want it known, no PoW miners should ever try mining their again. Bitcoin users have no one to blame except the bitcoin developers who have ignored this energy wasting issue since 2013. The current PoW ASIC energy sucking system will be banned by all governments in time, so that mean bitcoin either gets banned with it or finally goes to a new design. 8) I don't really think that all the governments would start banning bitcoin because of it's energy usage. That's pretty lame to be honest because there are many other industries which uses more energy than bitcoin. Further more, even if governments decide to move towards green energy or renewable energy I think it will take a lot of time before that will happen. Also, we may or may not need a hard fork for the migration since many would still like to continue with the current chain. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: ziennakarishma21 on July 20, 2021, 04:03:08 PM I have read through the news about this and still don't know if it's true or just a fake news, confusing all investors about the cryptocurrency that is about to be boycotted. I really don't understand why there are people who hate BTC so much.
Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: maju69 on July 20, 2021, 04:11:00 PM I saw this video recently on Twitter and some users claiming it's on China, really FUD and fake news, lol. This is another crime that some governments will start to become strict with cryptocurrency, but for me, Bitcoin got nothing to do with it, people are. In some country too they are destroying some items that are involved with crime, one of the example are smuggled items, like cars. They are destroying them in public, so in this case, it was almost the same case, doing publicity. I didn't hear that information coming from the Malaysian government? Or maybe I haven't found accurate information based on the media in Malaysia. Most of this information only triggers Malaysia to be anti-China, even though they are dominated by various products, which clearly work well together. Bitcoin mining material there still doesn't sound like it has a big place. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Renampun on July 20, 2021, 04:14:05 PM ... how can they make it look like Bitcoin mining tools are like drugs or other prohibited items...Malaysian government and police are famous for their arrogance. however, it is just a machine and not used for crime. watching that video makes me want to slap all the authorities there >:( Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: UserU on July 20, 2021, 04:17:24 PM I have read through the news about this and still don't know if it's true or just a fake news, confusing all investors about the cryptocurrency that is about to be boycotted. I really don't understand why there are people who hate BTC so much. It's legit, it came out in the local as well as international news: https://www.pcmag.com/news/malaysian-police-crush-1069-bitcoin-mining-rigs-using-a-steamroller https://www.cnbc.com/2021/07/19/malaysian-police-steamroll-1point25-million-worth-of-bitcoin-mining-rigs.html Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: romero121 on July 20, 2021, 04:23:01 PM I have read through the news about this and still don't know if it's true or just a fake news, confusing all investors about the cryptocurrency that is about to be boycotted. I really don't understand why there are people who hate BTC so much. This is not about the people hating the usage of bitcoin. It is clear, someone is playing behind through the government. However Malaysian government hasn't made any statement against mining or usage of cryptocurrency. These are all the move from Malaysia upon the decisions from China. Even this can be a market manipulation, because people aren't evident on the incident. Some believe it true whereas the rest believe it as a fake news.Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: dothebeats on July 20, 2021, 04:50:55 PM I don't think they are doing this to gain the favor of China at all. Some news state that the operators of the mining operation were stealing power to continue their operations, hence why the government destroyed their equipment to send a message that such actions were intolerable and will net such repercussions. I don't think cryptocurrencies are frowned upon on Malaysia, as they are one of the movers of crypto in their region and that they also have established crypto exchanges.
Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: wxa7115 on July 20, 2021, 05:06:14 PM Is it fair to say a political statement is being made here? Malaysia is doing this as a gesture of appeasement towards china's hard anti bitcoin stance. I do not know the legal status of bitcoin or bitcoin mining in Malaysia, if it is illegal then they may not have any other option but to destroy those miners as they cannot legally sell the units themselves otherwise they could be breaking the law, and to store them will be a waste of time and money, in which case it would not be a political demonstration but just a practical solution.Initially, china banned crypto mining. Many miners relocated their equipment to other countries, or sold them online. The evolution of this process is malaysia now destroying mining units to prevent them from being relocated or sold. Is there a legitimate motive for outright destroying mining units. Rather than auctioning or selling them. Aside from politics? But if bitcoin or bitcoin mining are not illegal then maybe they are doing in this in order to avoid that someone does the same thing those that were behind the operation did, so in this case it still makes sense, however we cannot discard that as you say this was a political demonstration to try to appease China and give the impression they are willing to follow the same policy they are. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Leviathan.007 on July 20, 2021, 07:57:29 PM I also saw the video and there are many different copies of this video joking on Instagram and other social media. The whole point is we could know why exactly Malaysia did this and what was the real cause because we all know they could destroy the miner devices in quiet and don't film it or they could even use the miners for themselves and extract some electrical pieces for another usage, but they didn't they released the video of destroying a more than a thousand devices and in my own idea the reason is to make negative atmosphere and fear between bitcoiners.
Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Fortify on July 20, 2021, 08:44:16 PM Video of incident: https://www.youtube.com/watch?v=c_tcg9kOfkg Is it fair to say a political statement is being made here? Malaysia is doing this as a gesture of appeasement towards china's hard anti bitcoin stance. Initially, china banned crypto mining. Many miners relocated their equipment to other countries, or sold them online. The evolution of this process is malaysia now destroying mining units to prevent them from being relocated or sold. Is there a legitimate motive for outright destroying mining units. Rather than auctioning or selling them. Aside from politics? 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. If China wants to ban them, rather than actively going after the real problem - which is the dirty polluting power stations - then that's up to them. However if a miner is using renewable energy in a responsible manner then it seems perfectly legitimate and should be legal. I have never known Malaysia to be a pioneer in anything, so it would seem that they are simply following their historic trends, but heavily religious countries tend to have this illogical reasoning. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: suzanne5223 on July 20, 2021, 08:55:37 PM It is sad that the same mining rig which took some people years or months to get was destroyed in a day but every cryptocurrency investor and miner are always advised to follow the rules and regulations of cryptocurrency in their geographical area.
The worse part is that this would influence the price of the market and it took the reason for the recent dump in the price of the market. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: leea-1334 on July 21, 2021, 07:50:21 AM I also saw the video and there are many different copies of this video joking on Instagram and other social media. The whole point is we could know why exactly Malaysia did this and what was the real cause because we all know they could destroy the miner devices in quiet and don't film it or they could even use the miners for themselves and extract some electrical pieces for another usage, but they didn't they released the video of destroying a more than a thousand devices and in my own idea the reason is to make negative atmosphere and fear between bitcoiners. That is the dumbest thing I have heard today,,, sorry no offence but as has been mentioned above, this video is very typical. Every time they do a raid in that part of the world and then they destroy items like this. Usually with sledgehammer or burning or same steamroller, they publish the video. This is not to make a negative atmosphere with bitcoiners, this is to warn people not to steal electricity. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: kryptqnick on July 21, 2021, 10:30:20 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.
Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Obito on July 21, 2021, 10:43:52 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.Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: BITCOIN4X on July 21, 2021, 11:00:45 AM 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.Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Joca97 on July 21, 2021, 11:14:41 AM 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.
Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: zanezane on July 21, 2021, 12:47:30 PM 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.
Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: adzino on July 21, 2021, 02:45:01 PM 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...
Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: TangentC on July 21, 2021, 05:48:45 PM 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. :P Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: franky1 on July 21, 2021, 06:12:05 PM ASICS are like Heroin to the World's Power Grids. More Harm than good. :P 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 Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Rengga Jati on July 23, 2021, 11:25:11 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 Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: wxa7115 on August 03, 2021, 09:32:10 PM 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. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: AmoreJaz on August 03, 2021, 09:38:41 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. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: DoublerHunter on August 03, 2021, 10:00:38 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. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Shasha80 on August 03, 2021, 10:24:31 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. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Hamphser on August 03, 2021, 10:36:50 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. 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. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: uneng on August 03, 2021, 10:41:28 PM 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.
Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Shasha80 on August 04, 2021, 03:32:41 AM 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 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 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. 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. Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: BITCOIN4X on August 04, 2021, 04:21:57 PM 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.
Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: Kittygalore on August 04, 2021, 04:37:44 PM 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.Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: gabbie2010 on August 04, 2021, 04:54:41 PM 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.Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: macson on August 04, 2021, 05:11:28 PM 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.Title: Re: Police Destroy 1,069 Bitcoin Miners With Steamroller In Malaysia Post by: roosbit on August 04, 2021, 05:36:46 PM 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. 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. |
