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Author Topic: [2017-02-10] Bitcoin Miners Steal Electricity in Venezuela  (Read 418 times)
Vladdirescu87
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February 11, 2017, 11:49:35 AM
 #1

Four people have been arrested in Venezuela for using the country’s electricity illegally by mining Bitcoins. Bitcoin mining is a very power-intensive activity consuming many units of electricity a day. Implying that if unpaid electricity is used, within just a few weeks, millions of dollars in power revenue could be lost.

Venezuela is a country hit by one of the worst economic downturns coupled with acute inflation, unemployment and food rationing. Recently, the government introduced a scheme whereby it sells subsidized to free electricity to some Bitcoin miners, neglecting other miners. The way miners are selected to receive the subsidies from the government is rather unclear. Some people devised a mechanism which would allow them to use unmetered electricity for bitcoin mining which unfortunately became theft and is punishable under Venezuelan law.

You can read the full article here: https://coinidol.com/miners-steal-electricity-in-venezuela/
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February 11, 2017, 02:49:42 PM
 #2

This news has actually been long published

arrest theft of electricity for mining bitcoin is already breaking the law
before his incident like this ever happened in China and even very many of Venezuela but its differences as in its economic venezuela very severe and almost 80% of Venezuela do not have a savings account and one option it is bitcoin

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February 11, 2017, 05:19:51 PM
 #3

Four people have been arrested in Venezuela for using the country’s electricity illegally by mining Bitcoins. Bitcoin mining is a very power-intensive activity consuming many units of electricity a day. Implying that if unpaid electricity is used, within just a few weeks, millions of dollars in power revenue could be lost.

Venezuela is a country hit by one of the worst economic downturns coupled with acute inflation, unemployment and food rationing. Recently, the government introduced a scheme whereby it sells subsidized to free electricity to some Bitcoin miners, neglecting other miners. The way miners are selected to receive the subsidies from the government is rather unclear. Some people devised a mechanism which would allow them to use unmetered electricity for bitcoin mining which unfortunately became theft and is punishable under Venezuelan law.

You can read the full article here: https://coinidol.com/miners-steal-electricity-in-venezuela/

This makes it sound like it was a hurricane, earthquake or some other natural disaster that hit Venezuela when in fact it was the direct result of Chavez and his totalitarian, socialist policies (with a bit of fascism in there troop).  With no rule of law, freedom, or property rights, this is the inevitable result.
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February 13, 2017, 07:38:06 PM
 #4

Four people have been arrested in Venezuela for using the country’s electricity illegally by mining Bitcoins. Bitcoin mining is a very power-intensive activity consuming many units of electricity a day. Implying that if unpaid electricity is used, within just a few weeks, millions of dollars in power revenue could be lost.

Venezuela is a country hit by one of the worst economic downturns coupled with acute inflation, unemployment and food rationing. Recently, the government introduced a scheme whereby it sells subsidized to free electricity to some Bitcoin miners, neglecting other miners. The way miners are selected to receive the subsidies from the government is rather unclear. Some people devised a mechanism which would allow them to use unmetered electricity for bitcoin mining which unfortunately became theft and is punishable under Venezuelan law.

You can read the full article here: https://coinidol.com/miners-steal-electricity-in-venezuela/

This makes it sound like it was a hurricane, earthquake or some other natural disaster that hit Venezuela when in fact it was the direct result of Chavez and his totalitarian, socialist policies (with a bit of fascism in there troop).  With no rule of law, freedom, or property rights, this is the inevitable result.

I agree.



They have committed a crime and will be punished for committing this crime, but I still believe that the Venezuelan government has persecuted the miners

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February 13, 2017, 08:03:37 PM
 #5

If authoritarian, socialist regimes recognized property rights, this might be stealing, but since they don't and are only after power, this is more along my the lines of a political "crime."
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February 14, 2017, 03:56:11 AM
 #6

This news has actually been long published

arrest theft of electricity for mining bitcoin is already breaking the law
before his incident like this ever happened in China and even very many of Venezuela but its differences as in its economic venezuela very severe and almost 80% of Venezuela do not have a savings account and one option it is bitcoin
China mining mostly rely on stealing electricity, not stealing electricity, the cost is high! There is interest in, there will certainly be someone to do, whether it is not illegal.

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