[2018-04-25] China Continues Bitcoin Mining Crackdown by Seizing 600 Computers

[tyz]

China Continues Bitcoin Mining Crackdown by Seizing 600 Computers

China is a country which has a growing dislike for cryptocurrency and all related activities. The PBoC officially forbade CNY-based trading several months ago. It now appears the government is extending its crackdown to domestic Bitcoin mining operations. A total of 600 computers and other pieces of hardware were confiscated in Tianjin earlier this week.

https://www.newsbtc.com/2018/04/25/china-continues-bitcoin-mining-crackdown-seizing-600-computers/

[Kardifast]

"The Crackdown Continues Unabated
Up until now, there has been some debate as to whether or not China would revert its stance on cryptocurrencies. This latest development seems to indicate that will not be the case. The Central Bank plans to further regulate the power usage of Bitcoin miners in the region. This effort is taking place to reduce the scale of these operations and eventually force miners to different countries altogether.

This has caused some miners to pay more attention to European countries. Iceland has been extremely popular in the past few years due to its abundance of cheap electricity. Other European countries are also of great interest. In Canada, Bitcoin miners are also launching new operations as we speak. China’s role of importance has all but dissipated, yet the government failed to bring Bitcoin down to its knees.

For now, developments like this one will continue to occur in China for some time to come. During the seizure of this hardware, five people were identified as persons of interest. One other individual has been detained for his involvement in this mining operation. It remains unclear if they will face any legal repercussions for partaking in this venture."

[darkangel11]

Please stop with the FUD. There was no crackdown. The computers were seized because someone was stealing power to mine! If it was any other country they would be dealt with in a similar manner. Items that are used to commit a crime are always confiscated. They were stealing power with miners, miners got taken by the police. But since this is China, let's use this to complain about this and tell the world that the government is seizing miners because it hates cryptocurrency...