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

[Gotottack]

Any shady cloud mining sites go down recently? lol

Whats the connection of mining sites related into this news? Maybe you are referring that they are running a cloud mining?I don't think so and they don't really matter to build one and as we can see they are using old miners and as mentioned above its more sufficient in electricity since they are using old miners but they will still be facing violations on stealing electricity.

Indeed, shady cloud mining has nothing to do with miners! These chinese mining operators are really mining bitcoins but they are stealing electricity which is illegal like in everywhere. Shady cloud mining sites don't really have miners. They only try scam people and say they have miners, but they actually don't have any and just makes a ponzi.

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[stomachgrowls]

Any shady cloud mining sites go down recently? lol

Whats the connection of mining sites related into this news? Maybe you are referring that they are running a cloud mining?I don't think so and they don't really matter to build one and as we can see they are using old miners and as mentioned above its more sufficient in electricity since they are using old miners but they will still be facing violations on stealing electricity.

Indeed, shady cloud mining has nothing to do with miners! These chinese mining operators are really mining bitcoins but they are stealing electricity which is illegal like in everywhere. Shady cloud mining sites don't really have miners. They only try scam people and say they have miners, but they actually don't have any and just makes a ponzi.

Thats the accurate definition of shady cloud mining on which they are just claiming that they are running mining farms but the truth is that those farm doesnt exist at all.
In which part of the world we could able to hear that stealing electricity is legal?None,right?If we are planning to run mining operation we should consider first the electricity cost.

[Factmine]

Any shady cloud mining sites go down recently? lol

Whats the connection of mining sites related into this news? Maybe you are referring that they are running a cloud mining?I don't think so and they don't really matter to build one and as we can see they are using old miners and as mentioned above its more sufficient in electricity since they are using old miners but they will still be facing violations on stealing electricity.

Indeed, shady cloud mining has nothing to do with miners! These chinese mining operators are really mining bitcoins but they are stealing electricity which is illegal like in everywhere. Shady cloud mining sites don't really have miners. They only try scam people and say they have miners, but they actually don't have any and just makes a ponzi.

Thats the accurate definition of shady cloud mining on which they are just claiming that they are running mining farms but the truth is that those farm doesnt exist at all.
In which part of the world we could able to hear that stealing electricity is legal?None,right?If we are planning to run mining operation we should consider first the electricity cost.

Yeah, that's why they got caught. The government put them in jail and confiscated the miners. What's wrong here too is that maybe these operators are just leasing out their facilities to people who want's their miners to be ran in an environment with cheap electricity. So now the people who send their miners to be ran by them are now gone.

[Quickdart]

Any shady cloud mining sites go down recently? lol

Whats the connection of mining sites related into this news? Maybe you are referring that they are running a cloud mining?I don't think so and they don't really matter to build one and as we can see they are using old miners and as mentioned above its more sufficient in electricity since they are using old miners but they will still be facing violations on stealing electricity.

Indeed, shady cloud mining has nothing to do with miners! These chinese mining operators are really mining bitcoins but they are stealing electricity which is illegal like in everywhere. Shady cloud mining sites don't really have miners. They only try scam people and say they have miners, but they actually don't have any and just makes a ponzi.

Thats the accurate definition of shady cloud mining on which they are just claiming that they are running mining farms but the truth is that those farm doesnt exist at all.
In which part of the world we could able to hear that stealing electricity is legal?None,right?If we are planning to run mining operation we should consider first the electricity cost.

Yeah, that's why they got caught. The government put them in jail and confiscated the miners. What's wrong here too is that maybe these operators are just leasing out their facilities to people who want's their miners to be ran in an environment with cheap electricity. So now the people who send their miners to be ran by them are now gone.

I am wondering how the miners will be disposed?

[takagari]

Any shady cloud mining sites go down recently? lol

Whats the connection of mining sites related into this news? Maybe you are referring that they are running a cloud mining?I don't think so and they don't really matter to build one and as we can see they are using old miners and as mentioned above its more sufficient in electricity since they are using old miners but they will still be facing violations on stealing electricity.

And clearly a joke goes right over your head?
I was meaning that shady places stealing power line up perfectly with those shady cloud mining sites promising unrealistic pay outs, or near zero fee costs for running etc.

[jobach]

Retards , i am totally fine with my renewable energy , costs less and it will be mine even after 20 years , i mean solar energy

[merchantofzeny]

Good for them. It's not fair that they're earning bitcoins through stolen electricity. It's activities like this that are giving btc a bad reputation. I bet somewhere out there some misinformed person is thinking bitcoin is some shady token that people are stealing electricity to get to sell to naive people.

[shinratensei_]

Retards , i am totally fine with my renewable energy , costs less and it will be mine even after 20 years , i mean solar energy

https://bitcointalk.org/index.php?topic=1667666.0


I waiting for your proof, dude. The solar was enough for covering our monthly electricity bills(little).

I may think if you have a lot of the field for building your solar mining and to be true you are a millionaire.

[iamTom123]

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

Yes, so said that these miners resorted to illegal tapping of electricity so they can save more and churn out more profits. I think that mining in China for crytocurrencies is allowed but you have to follow their rules and regulations otherwise they will kill you lol.

[Mugamer]

I think the price will increase highly because there are no free electricity for them and mining bitcoin will be more expensive. Chinese groups must decrease mining machines so that they can not sell bitcoins with cheap price and bitcoin will hit over 1,000$ again.

[Amph]

I think the price will increase highly because there are no free electricity for them and mining bitcoin will be more expensive. Chinese groups must decrease mining machines so that they can not sell bitcoins with cheap price and bitcoin will hit over 1,000$ again.

what the price have to do with them not mining anymore, i highly doubt a single little farm can put any dent in the market volatility

also chinese don't need to sell their bitcoin, they have roied on their equipment and new one will roi very fast because they have monstrous hashrate

they only need to pay their expenditures which is ridiculous low in comparion to what they are making

[Betwrong]

I think the price will increase highly because there are no free electricity for them and mining bitcoin will be more expensive. Chinese groups must decrease mining machines so that they can not sell bitcoins with cheap price and bitcoin will hit over 1,000$ again.

what the price have to do with them not minign anymore, i highly doubt a single little farm can put any dent in the market volatility

also chinese don't need to sell their bitcoin, they have roied on their equipment and new one will roi very fast because they have monstrous hashrate

they only need to pay their expenditures which is ridiculous low in comparion to what they are making

But to have a monstrous hashrate you need to invest a lot of money. It's really interesting how fast do they have ROI from this business. I think their expenditures are huge taking into account that they construct big buildings to host all the miners.

[spazzdla]

Wondering if it was their obsolete mine and they just took S3's and S1's LMAO.,

[just_Alice]

I am not a sympathizer, but I think they serve some utility.

At least when some hardware can no longer be profitable for people like me, I have the confidence that someone out there can still squeeze some satoshies out of it thus they won't be worthless junk.

I mean the existence of these electricity thieves contributed to the value of secondhand hardware, right?

That would be right if they really bought some used miners from you at a decent price. Did they? I doubt that. People like them usually set such low prices that all that thing practically helps nobody. I'm young and thus maybe I'm wrong in this particular case but I think generally thieves are stealing not from one place only.

[kryptqnick]

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

How could they actually steal electricity? Just not really paying the bills?
Yeah, maybe you are right about that but you now, a few days ago I watched a documentary about these 4 Chinese gues mining 3% of all btc and you know what do they have to pay for electricity? $80k per month! That's crazy. And it means their income is a lot more. As far as I remember, they mined 4btc per day a year ago.

[Kemarit]

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

Yes, so said that these miners resorted to illegal tapping of electricity so they can save more and churn out more profits. I think that mining in China for crytocurrencies is allowed but you have to follow their rules and regulations otherwise they will kill you lol.

That why you gonna love those China man, they would do anything illegal like
copying or faking items and selling cheap just to get their ROI fast. 
However, electricity is cheap and their is abundant supply in it in China
so why steal it? Do thy know that stealing electricity itself is an imprisonable
crime in their country? Perhaps even life imprisonment?

Yeah,  I agree, maybe is "greed" taking over and the lure of getting the bitcoin
is the reason why they are resorting to illegal activities.