Chinese man jailed for 3.5 years after stealing electricity to mine bitcoin

[aioc]

A man in China has been sentenced to three and a half years in prison after stealing electricity from a train network in order to mine bitcoin. Xu Xinghua from Shanxi province pleaded guilty to stealing 104,000 yuan (£11,300), which was used to mine 3.2 bitcoins. Given the current price of bitcoin, 3.2 bitcoins is worth only a little more than what was stolen, however in times past it would be worth a lot more.

(this is the article : https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-mining-china-prison-train-electricity-cryptocurrency-energy-environment-a8577791.html)

Here in our country, you can get away with it, because there is a generation lost cost from our bill where paying customers are paying electricity that is lost from those people who are stealing electricity, and the electric company are not even charging those thieves.

[coin-investor]

A man in China has been sentenced to three and a half years in prison after stealing electricity from a train network in order to mine bitcoin. Xu Xinghua from Shanxi province pleaded guilty to stealing 104,000 yuan (£11,300), which was used to mine 3.2 bitcoins. Given the current price of bitcoin, 3.2 bitcoins is worth only a little more than what was stolen, however in times past it would be worth a lot more.

(this is the article : https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-mining-china-prison-train-electricity-cryptocurrency-energy-environment-a8577791.html)

With Bitcoin potential in the future, people will be tempted to do that, it's unfortunate that he was caught, but that will be a big warning
On top of the prison sentence, Mr Xinghua also received a fine of 100,000 yuan (£10,930),  anyway he can keep that Bitcoin and when he is freed it could worth ten times of what he's  fine for.

[Vishnu.Reang]

What he did was robbery. Whether he was a Bitcoin miner or not is irrelevant here. If the amount was a few hundred USD, then he could have escaped punishment with a monetary fine. Anyway... I don't understand the need to steal electricity. If he could afford the mining rigs, how can we say that he couldn't afford the electricity.

[robelneo]

A man in China has been sentenced to three and a half years in prison after stealing electricity from a train network in order to mine bitcoin. Xu Xinghua from Shanxi province pleaded guilty to stealing 104,000 yuan (£11,300), which was used to mine 3.2 bitcoins. Given the current price of bitcoin, 3.2 bitcoins is worth only a little more than what was stolen, however in times past it would be worth a lot more.

(this is the article : https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-mining-china-prison-train-electricity-cryptocurrency-energy-environment-a8577791.html)

I'm thinking it's worth it, my bad  if those Bitcoin will worth hundreds of thousands in 4 years that's a huge reward from that very risky action, provided that he still holding those Bitcoin, if not he will be sorry that he did that, hey it's happening to many parts of the world where people are very much into mining Bitcoin

[Sithara007]

Chinese laws are very strict and this guy has his life destroyed for stealing $20,000 worth of electricity. But I am quite confused after reading the article. If he could afford the expensive mining rigs, why he decided to go for the stolen power? I think that he was overconfident about his abilities and might have thought that his theft would go un-noticed.

[Virtual miner]

A man in China has been sentenced to three and a half years in prison after stealing electricity from a train network in order to mine bitcoin. Xu Xinghua from Shanxi province pleaded guilty to stealing 104,000 yuan (£11,300), which was used to mine 3.2 bitcoins. Given the current price of bitcoin, 3.2 bitcoins is worth only a little more than what was stolen, however in times past it would be worth a lot more.

(this is the article : https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-mining-china-prison-train-electricity-cryptocurrency-energy-environment-a8577791.html)

I think the main issue here was not that he landed into a jail because he mined bitcoin. He landed in a jail because he chose to steal electricity for the same. Stealing Electricity in China is a criminal offense taken pretty seriously & amount of loss incurred by the Govt. due to this act of the person would be reimbursed in the form of fine from him.

[BeGoods]

What he did was robbery. Whether he was a Bitcoin miner or not is irrelevant here. If the amount was a few hundred USD, then he could have escaped punishment with a monetary fine. Anyway... I don't understand the need to steal electricity. If he could afford the mining rigs, how can we say that he couldn't afford the electricity.

Right, I think the consideration is not what kind of item is it, if it is worthy and has value, it will certainly be processed by law,
and of course theft is wrong and crime. of course he will receive the appropriate punishment

[judeafante]

Three years and almost 11 thousand pounds to be exact, but I did not read or there was no news that they compensated his Bitcoin or he is holding that Bitcoin he mined using the electricity he stole if he still had it, then he will just have to wait for Bitcoin to reach $50k and he is good to go.

[Fatunad]

Three years and almost 11 thousand pounds to be exact, but I did not read or there was no news that they compensated his Bitcoin or he is holding that Bitcoin he mined using the electricity he stole if he still had it, then he will just have to wait for Bitcoin to reach $50k and he is good to go.

There are no news if those bitcoins being seized or he do still have the full control of it.If he does then 3 years time might be shorten knowing that Bitcoin halving would happen on  24 May 2020 00:50:56
and we do know that this event will make some extraordinary price increase together with some hype for sure.Those 3 bitcoin he do store up will probably pay up on the corresponding bail to freed up himself.
Stealing is never been good because no matter what form it is,you will still face up consequences.