Chinese police raid miner factories in its oil capital city, 1k+ miners seized

[Ayrantt]

http://news.dqdaily.com/2016-11/04/content_4252348.htm

This week, Chinese police raid douze miner factories in its oil capital city of China for electricity theft, over 1k + miners seized.

http://news.dqdaily.com/attachement/png/site2/20161104/4487fc424a031986123c08.png

http://news.dqdaily.com/attachement/png/site2/20161104/4487fc424a0319861ea816.png

http://news.dqdaily.com/attachement/png/site2/20161104/4487fc424a03198612720a.png

[ynef]

Legit?

[zby]

Legit?

Electricity theft - sounds plausible.

[Mbokani]

Legit?

Electricity theft - sounds plausible.

Electricity theft is an serious issue and they were greedy and dump enough to do so,with thousand plus miners they could have earned bitcoins well enough to cover the electricity charges,but greed got the better of them

[BitcoinHodler]

Legit?

Electricity theft - sounds plausible.

- posted in Speculation board.(edit: moved after report thanks to the mod)
- by a brand new, throwaway account
- with not enough evidence
- after the drama and the FUD about China and bitcoin to push price down.

i have no other conclusion than calling bullshit.

[U2]

Legit?

Electricity theft - sounds plausible.

- posted in Speculation board.(edit: moved after report thanks to the mod)
- by a brand new, throwaway account
- with not enough evidence
- after the drama and the FUD about China and bitcoin to push price down.

i have no other conclusion than calling bullshit.

Hehe, ya. Pics or it didn't happen. I'd like to see some legitimate news on this. It's hard to tell what's made up and clearly the OP with 1 post (this one) has an agenda.

[jay8291]

It can be electricity theft issue as you can see in first pic, if it is legit.

[Shiroslullaby]

Can someone translate this?
Is it possible to tell what kind of miners those are from the pictures?
I think it would be stupid to risk a lot of new mining equipment by stealing power.

It could be real, growing up I saw people doing illegal power hookups all the time.
(I even know of someone who died trying to hook up illegal wiring.)

[philipma1957]

Here is google  and I say it happened.  Seems pretty clear cut.


Gear looks to be s-2 s-4 s-5 and maybe dragon miners
so the only way they can make money is stolen power.

12000 machines at 1-2th is only 10 or 20 ph  still most likely a lot more out there.

this is good news.  my hope is the s-7 farms stealing power get caught. (if they exist)

[leowonderful]

I guess this is good for us as the difficulty's going down some, and the chinese have slighly lost hashrate, but could this be the begining of the Chinese government really cracking down on mining and Bitcoin? Not saying that they haven't already tried, but it's some interesting stuff.

[QuintLeo]

I guess this is good for us as the difficulty's going down some, and the chinese have slighly lost hashrate, but could this be the begining of the Chinese government really cracking down on mining and Bitcoin? Not saying that they haven't already tried, but it's some interesting stuff.

 Crackdown on a site for electricity theft is NOT a crackdown on bitcoin.

[shinratensei_]

Here is google and I say it happened. Seems pretty clear cut.


Gear looks to be s-2 s-4 s-5 and maybe dragon miners
so the only way they can make money is stolen power.

12000 machines at 1-2th is only 10 or 20 ph still most likely a lot more out there.

this is good news. my hope is the s-7 farms stealing power get caught. (if they exist)

The police will catch more if they are wanna for searching or investigating about the other place, You might for seeing about the S-7 farm get seized by the police with a lot of the population are too difficult for controlling the intention of electricity theft.
https://www.cryptocoinsnews.com/chinese-bitcoin-miners-busted/

[BitcoinBarrel]

Did they seriously think they would get away with stealing that much power?

[Dank14]

Obviously they did think they will get away with it and for a while it seemed as if they actually got away with it.

[shinratensei_]

Did they seriously think they would get away with stealing that much power?

Running bitcoin are not be sue you for always in there and monitoring your mining farm.  to be honest, if they think they can building the hidden farm and trying for leave them in the hidden place and this is are not useful at all.

They are forget if the police are having a brain. 

[Milkduds]

So much strange news coming out of China lately its hard to know for sure if its legit with out knowing how to fact check it.
Seems like the pre election it was Chinese issues and now we are back on it.

Stealing power in one of the cheapest places to get power seems like a good plan.

[philipma1957]

So much strange news coming out of China lately its hard to know for sure if its legit with out knowing how to fact check it.
Seems like the pre election it was Chinese issues and now we are back on it.

Stealing power in one of the cheapest places to get power seems like a good plan.

If you read the article it looks like all old gear S-2's S-4's S-5's and dragon miners  which use .6 to 1.2 watts per gh.

The only way you can earn money with this gear is with free or 1 cent power.   So most likely this is a true story.  Someone had a lot of old gear and decided to steal to run it.

Now if you can get legit 3-5 cent power. The s-7 still works to make money at 5 cent power the s-7 makes make at  a diff of 400  around  16 usd a month.

At 3 cents the s-7 makes money at a diff of  600  around $14.50 usd a month

[Eric Mu]

I wonder how the police would dispose of those seized hardware. Are they mining themselves? Or were they destroyed or auctioned to the mining community that uses legal electricity - which I doubt as it would be unprofitable.

[philipma1957]

I wonder how the police would dispose of those seized hardware. Are they mining themselves? Or were they destroyed or auctioned to the mining community that uses legal electricity - which I doubt as it would be unprofitable.

I would think they would destroy it. As it is older gear.

I would love for this to happen more often.

But there just may not be that much really old gear.

[QuintLeo]

So much strange news coming out of China lately its hard to know for sure if its legit with out knowing how to fact check it.
Seems like the pre election it was Chinese issues and now we are back on it.

Stealing power in one of the cheapest places to get power seems like a good plan.

 Electric rates in China VARY - they might see more variation than the USA or Canada sees depending on where in the country someone is at.

 A very large part of the "super cheap hydropower" for China is in areas that are low on population, and they don't have anywhere near the transmission infrastructure that the USA has to distribute it.

 The 3 Gorges Dam complex in particular seems to have a lot of it's power go to waste 'cause they can't get enough of it to anywhere useful (yet), and they've not gotten enough "close enough TO use it" industry built up to date to fully utilise the capasity of those generators.