China: Man Sentenced to Prison for Stealing Railway Electricity to Mine Bitcoin

[stayeduptolate]

Although the Chinese regulatory bodies have maintained their distance from cryptocurrencies, it has not deterred the people in the country from partaking in the promising crypto mining industry – as a Chinese man was recently sentenced to 3.5 years in prison for stealing power from a train station to mine Bitcoin (BTC). The incident was reported by the local media outlet The Paper, on October 8, 2018.

https://btcmanager.com/chinese-man-prison-for-stealing-electricity-mine-bitcoin/

Oh well, he took the risk and now he is in jail.  I wonder how much he earn mining bitcoin  because it means that he knows what his doing is wrong but I guess he see the $$$ that's why its worth a try. hehehe.

In this last passed decade bitcoin has made tremendous progress and now bitcoin is the shining star of the crypto currencies and now it is very huge and most potentiating crypto currency and now there are millions of people around the world who trusts bitcoin and they are investing into it and not only this but there is a craze for bitcoin among bitcoin as they know that bitcoin can make them very rich and thus this is the case when man is prisoned for stealing electricity for mining bitcoin.

[Al-e_x]

wooww, that's amazing, they are never satisfied and very greedy. Bitcoin trading volume in China, investing bitcoin in China, creating a bull market at the end of 2017, they have a big influence on bitcoin volatility.

then, China is also responsible for the bull market today, because China is creating a negative influence on the bitcoin market.

[ImHash]

Wow That's not good you know, Stealing electricity from the government to mine bitcoin is like stealing directly from your own people, It's not just like not paying your taxes but actually stealing electricity which is not yours to use in the first place, That's just stupid if you ask me.

[bloodyvio]

mining bitcoin has become an addiction among the public
especially those who understand cryptocurrency
in my country something like that also happened
there are some people steal electricity to mine crypto
so yeah mining crypto has become addictive for them

[ngm22585]

This is simply wrong, smh.

[h0lybyte]

He mined 3.2BTC worth 120 000 yuan using electricity worth 104 000 yuan as The Paper reports.
I think this is common practice in many countries, I've used to live a man who was stealing power for his household use, wires were visible in the corridor but no one cared  We can only wonder what's happening in datacenters, powerplants etc. when there is such simple way to convert electricity and computing power into money.

Yeah, of course people pften become careless and put themselves in risk when there is money but i am wondering how could he mine this amount of BTC when difficulty is increased to a lot of extreme ?
Which hardware and how much timenhas he been using for this process ?

[Eraldo Coil]

Stealing is always a crime no matter how big or small you stole. In his case stealing electricity is another way of committing a  crime. The company might have filed a case against him because he is stealing. I think he's still lucky because he's in prison right now.

[bitfocus]

as he adopted unfair way to power his rigs, he is supposed to be in jail - we definitely don't want any criminal (big or small) to be a part of the community.

[terencio]

His very creative and unique, but he lives in a county where the laws must be strictly to followed and china just banned people from mining a crypto . He committed two mistakes from stealing and the banning of crypto.

[boakyei]

It is offence in many countries and not only china. You can steal electricity through either your work place or any means to power your bitcoin generation. If you want to go to bitcoin mining , it is better you get your own method of obtaining power.

[Minhxx]

The profit from bitcoin mining makes us desperate, it seems he has gambled to get rich quick in this way.

[qiwoman2]

Ouch, that was a total NO-NO especially in a country like China where they don't take things like this lightly. It just goes to show that if you keep doing stuff that ain't legal, one day or another it is going to catch up with you. This is the main negative thing about this space right now, that we have just too many scammers and hackers and dodgy people being attracted to Crypto which gives it a bad name, yet the technology itself is groundbreaking and could be used to save lives and bring in 2 million unbanked people into the fold.

[supermine]

3.5 years is excessive though jesus. THREE YEARS just for stealing electricity? Man I am glad I don't live in China, sounds like a horrible place to live.

I think a more reasonable sentence is three months, or possibly even just long community service, what a joke.

Its a crime to steal government property its not in China and in many countries they have severe punishment for stealing the electricity or governments good along with big amount of penalty so no one have to do this kind of activity if they don't want get punished.But its the crime done by the person by stealing the electricity so don't concentrate on bitcoins here it is just like crimes as normal.

[steampunkz]

Although the Chinese regulatory bodies have maintained their distance from cryptocurrencies, it has not deterred the people in the country from partaking in the promising crypto mining industry – as a Chinese man was recently sentenced to 3.5 years in prison for stealing power from a train station to mine Bitcoin (BTC). The incident was reported by the local media outlet The Paper, on October 8, 2018.

https://btcmanager.com/chinese-man-prison-for-stealing-electricity-mine-bitcoin/

Oh well, he took the risk and now he is in jail.  I wonder how much he earn mining bitcoin  because it means that he knows what his doing is wrong but I guess he see the $$$ that's why its worth a try. hehehe.

That's really risky to do especially there are lives we are talking about who is using the railway right? It's good that the authority captured the culprit, It may cause an accident if it's not taken care of. There are still many legal ways to mine bitcoin this one is not even funny in my opinion.

[dimiinx]

This is simply wrong, smh.

in my opinion it's wrong because the way it's been wrong especially later and I think the other way is also a lot and I think by borrowing money for mining capital

[dianepot]

Although the Chinese regulatory bodies have maintained their distance from cryptocurrencies, it has not deterred the people in the country from partaking in the promising crypto mining industry – as a Chinese man was recently sentenced to 3.5 years in prison for stealing power from a train station to mine Bitcoin (BTC). The incident was reported by the local media outlet The Paper, on October 8, 2018.

https://btcmanager.com/chinese-man-prison-for-stealing-electricity-mine-bitcoin/

Oh well, he took the risk and now he is in jail.  I wonder how much he earn mining bitcoin   because it means that he knows what his doing is wrong but I guess he see the $$$ that's why its worth a try. hehehe.

I feel sorry for him. Its just right that he have been jailed for his wrong doing. But 3.5 years and money is just too much. He can afford to buy mining rigs, I think the best way if he really wants to mine bitcoin is to transfer to a country where bitcoin is not prohibited. And where did the mined bitcoins go?

[cizatext]

This are the kind of activities that always give bitcoin the bad image we constantly witness because many get involved in several illegal activities all for the sake of earning bitcoin and at the end the government only look at bitcoin as an evil development, bitcoin mining with a stolen power supply will only benefit the user and not the bitcoin network if you truly wish to go into any business activities you should at list be ready to bear the cost rather then manipulating your way to make money.

[esetop01tryba]

I heard that there are shops that sell computers and sellers begin to mine bitcoins from computers that have not yet sold, but as Garth's video is known when mining quickly deteriorates ! I think it's fair to judge such people !

[seoincorporation]

3.5 years in prison for that... that's crazy, i didn't know Chinese laws was that hard... and is fun because in my country is common to see people stealing electricity, They use a technology called devils (diablitos) and looks like this:





And at this point, I have never seen someone go to jail for doing this.

[shield132]

Would love to see following news: Man senteced to prison for stealing electricity from elevator or from metro or etc silly reason. OP I highly doubt he was making $$$ because he would have to mine with multiple miners, which couldn't be unnoticed. I think he was making $ annd mining with 1-2 miner. Would see news if I am wrong.
Btw those people act like a fool and are confident while in reality they are silly.