[2016-12-20] More Chinese Bitcoin Miners Arrested for Electricity Theft...

[Chase]

More Chinese Bitcoin Miners Arrested for Electricity Theft; 77 Miners Detained in 2016

https://dcebrief.com/more-chinese-bitcoin-miners-arrested-for-electricity-theft-77-miners-detained-in-2016/

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[Qartersa]

These chinese miners are getting out of hand! Now I think we should think twice before trusting a chinese miner offer his services. We might even get caught up with the problem and get imputed as one of their partners or accomplices. Not to mention, losing our investments with these guys. This might bring down the number of miners in china. China might create some laws that would restrict or even ban bitcoin mining in the country.

[aso118]

Electricity theft will happen in all electricity-intensive industries if implementation of laws is lax. I am sure the theft of electricity will be high in industries like aluminium smelting as well. You can't have  a high proportion of thieves concentrated only among bitcoin miners.
However, with people getting arrested for electricity theft, it is but obvious that miners will think twice before pilfering power.

[just_Alice]

These chinese miners are getting out of hand! Now I think we should think twice before trusting a chinese miner offer his services. We might even get caught up with the problem and get imputed as one of their partners or accomplices. Not to mention, losing our investments with these guys. This might bring down the number of miners in china. China might create some laws that would restrict or even ban bitcoin mining in the country.

I hope that won't happen. The guys in question were arrested for theft not for mining Bitcoin. And those other 74 arrests earlier in 2016 were also related to electricity theft.

I think Bitcoin mining in China is such a huge business that some of the top politicians are already involed and having profits from it. So those politicians will do everything they can to prevent the prohibition of Bitcoin mining.

[chesatochi]

I know is wrong stealing electricity to save money in bitcoin mining. But, I don't understand those people who can afford to acquire the equipment, and not be able to start a legal business for mining bitcoins.

Is always better to go the legal way instead of having a criminal record.

[maku]

These chinese miners are getting out of hand! Now I think we should think twice before trusting a chinese miner offer his services. We might even get caught up with the problem and get imputed as one of their partners or accomplices. Not to mention, losing our investments with these guys. This might bring down the number of miners in china. China might create some laws that would restrict or even ban bitcoin mining in the country.

I hope that won't happen. The guys in question were arrested for theft not for mining Bitcoin. And those other 74 arrests earlier in 2016 were also related to electricity theft.

I think Bitcoin mining in China is such a huge business that some of the top politicians are already involed and having profits from it. So those politicians will do everything they can to prevent the prohibition of Bitcoin mining.

Can your provide source of this information? I never heard of any Chinese politician taking part in mining bitcoin openly.
I am not saying that it is not happening, but there is no info I could find about this.

[just_Alice]

These chinese miners are getting out of hand! Now I think we should think twice before trusting a chinese miner offer his services. We might even get caught up with the problem and get imputed as one of their partners or accomplices. Not to mention, losing our investments with these guys. This might bring down the number of miners in china. China might create some laws that would restrict or even ban bitcoin mining in the country.

I hope that won't happen. The guys in question were arrested for theft not for mining Bitcoin. And those other 74 arrests earlier in 2016 were also related to electricity theft.

I think Bitcoin mining in China is such a huge business that some of the top politicians are already involed and having profits from it. So those politicians will do everything they can to prevent the prohibition of Bitcoin mining.

Can your provide source of this information? I never heard of any Chinese politician taking part in mining bitcoin openly.
I am not saying that it is not happening, but there is no info I could find about this.

Unfortunately I can't provide you a source because they are not doing this openly, but I'm sure that top politicians are involved in anything which brings big profits and Bitcoion mining is one of those things. If they were not involved they would ban Bitcoin mining in their country already because governments always ban things they have no profit from.

[eckmar]

Funny story. But this is not happening only in China. I know a guy who is mining altcoins with 7-8 6gpu rigs, yeah its not that much but he is still stealing electricity from the grid. They did not catch him for about 2 years now and he is still not caught