Chinese Authorities Confiscating miners

[Nolimitz84]

I do not understand why it is illegal to do this when the activity can be carried out legally.This confiscation of course will not appear in any way on the price of bitcoin, but will make all illegal immigrants be more careful.

[fuer44]

Chinese authorities have seized nearly 7000 crypto mining machines that are illegally consuming electric power, really hope this won't affect bitcoin in any way? And why are people doing this? Prove of staking is a better option and no one will ever know you are mining anything, i am not saying POW miners are bad but illegally? Come on! It's not worth taking such risk when they know they can be caught, they can earn same profits from Staking

Full news is right here
https://cointelegraph.com/news/chinese-authorities-confiscate-nearly-7-000-crypto-mining-machines

because bitcoin mining takes up a lot of electrical energy. the person must have done an illegal way to avoid the cost of large electricity bills and the government would have imposed sanctions if it was known because it would harm the state electricity company.

[o48o]

Chinese authorities have seized nearly 7000 crypto mining machines that are illegally consuming electric power, really hope this won't affect bitcoin in any way? And why are people doing this? Prove of staking is a better option and no one will ever know you are mining anything, i am not saying POW miners are bad but illegally? Come on! It's not worth taking such risk when they know they can be caught, they can earn same profits from Staking

Full news is right here
https://cointelegraph.com/news/chinese-authorities-confiscate-nearly-7-000-crypto-mining-machines

If you had a job or a place that you could use for free energy mining for a while, wouldn't you be tempted to try some minining? And Since you probably won't get caught right away, it probably gives you a feeling of false security and you would get greedy with the hardware until you got caught.

[Hallmader]

If you are doing all your mining stuff legally then I don't see any problem with it. You are not facing any risk of getting your mining stuff confiscated. But if you are mining while cheating or even stealing electricity then expect the government to run after you and confiscate your stuff. That is just as simple as that.

In terms of staking, I am in favor of it compared to mining.

You don't even need to steal electricity or use it illegally for them to confiscate and ban your mining business, it is as easy as not complying with the papers needed for your business to operate that will trigger them to have reason to confiscate and to stop you. Remember, government have a deeper reason why some instances like this is happening, they don't want cryptocurrency right from the start so it will be easy for them to pass regulation that when we just fail to comply even with simple terms then we are getting compromised.

That is also one way to stop the operation of your crypto mining. But it is very possible that some crypto miners, especially those small-time ones who only have a few rigs and do not operate mining farms, are hiding their operation from the government. They can easily conceal their rising electric consumption with other legal and registered business operations. But once they are caught, they don't have any defense to that.

[LouVandetta]

The key word is "illegally consuming electric power", isn't it enough reason for Chinese Authorities to confiscate their illegal doings.
Oh, wait, if it's done legally will its result be the opposite? Since Chinese pretty much banning everything related to crypto it seems. Well, it's their fault for stealing electricity and it just happened that it's not their lucky day when the inpsection was being held in their region.

[o48o]

People around me still mine coins using free electricity, which is illegal and they have been doing this for more than a year now, in my own country security and laws are not taken very serious so they can get away with this, i prefer POS coins because they don't require any skill

How can you even compare free electricity mining and POS coins? First you have to acquire enough coins and that's not cheap if you are going to make a living, and even then value of those can just go down before you sell them and you couldn't even cover the original cost.

[Mike Mayor]

This is why China has such high hashrate and the rest of us can never compete. They pretty much ruin crypto for the rest of us. They even stealing electricity so it is free for them. How can a legit businessman/woman compete with that? This will affect bitcoin for the good, why do you hope it won't affect bitcoin. Fewer miners are better. People are doing this for the money you already know this. Stealing power = massive profits.
They have basically found a way to convert power directly into currency. No one cares if you stealing power to stake. You only need one device to stake. It is when you have an entire factory stealing electricity.

[electronicash]

what are they going to do with those mining devices, its best for them to ask to pay the bills probably calculate how much they have consumed ans ask for electricity bill. they can;t sell those mining devices anyway. unless they are going to reuse those mining devices and mine for their own.

but how are they connecting their cables to tap electricity without getting caught the first day of operation?  chinese electricity is cheap actually, these miners can definitely afford to pay.

[Theb]

what are they going to do with those mining devices, its best for them to ask to pay the bills probably calculate how much they have consumed ans ask for electricity bill. they can;t sell those mining devices anyway. unless they are going to reuse those mining devices and mine for their own.

but how are they connecting their cables to tap electricity without getting caught the first day of operation?  chinese electricity is cheap actually, these miners can definitely afford to pay.

Well the Chinese people are known to be thrifty persons and they would save a lot of money as they can even through illegal means that's why they are doing this. Their operation like I said is illegal and these types of procedure where they confiscate their mining hardware is just sop and they will let the courts decide their punishment and whether or not they can reclaim the mining equipment after. I just hope that they make this as a lesson for people just to pay the right amount of bills rather than make their operation go underground since they are really facing the government here which we all know they barely lose.

[Adriano2010]

I don't think they have right to confiscate the mining equipment, maybe there is a problem with article, but if they want maybe can make a law and who consume a lot of power to pay more, i don't know but is illegal to confiscate equipment buyed with own money.

[qiwoman2]

Well if they expect to steal electricity and mine for profit, they had it coming to them sorry. They should respect the law of the land and not be stealing energy that should be used for others who pay for it. I don't like this type of greed at all and this can give Bitcoin and Crypto a really bad name. I hate it when people want to make easy money through fraud and theft, it annoys me, because I and others work so hard just to make ends meet and do the right thing by our jurisdiction. So I don't feel sorry if they lost their mining equipment as they should think hard about their actions and the repercussions of those stupid actions. I really want them to learn though from the mistakes they made and hopefully they become better people and if they ever get to work again, work with honor and do things properly next time.

[stephanirain]

Chinese authorities have seized nearly 7000 crypto mining machines that are illegally consuming electric power, really hope this won't affect bitcoin in any way? And why are people doing this? Prove of staking is a better option and no one will ever know you are mining anything, i am not saying POW miners are bad but illegally? Come on! It's not worth taking such risk when they know they can be caught, they can earn same profits from Staking

Full news is right here
https://cointelegraph.com/news/chinese-authorities-confiscate-nearly-7-000-crypto-mining-machines

The Chinese really do have strict regulations about cryptocurrencies as they want to control almost everything in their country. Plus, if it's illegal source of power, the culprits must really be put by the law. Furthermore, the issue of regulation even in miming industry has been debated by many and if it must be taxed or monitored by the government. Even in our country, there is no clear process about it nor a permit to operate, not that it is needed or required by the law. Until there's no clear set of rules, the government must not deal with the crypto industry in my opinion.

[Shinpako09]

They are confiscating mining machines simply because they are using electric power illegally and they are even using more power than regular consumer. It's not surprising if they will confiscate mining machines. As long as your doing is authorized, there is nothing to worry about it. Eventhough news came from China. I don't think it can affect btc. As you can see we are already at bear market and price has been tested this month but didn't go to $5k floor as others predicted and back to $7k.

[Ekyfitri]

I don't think they have right to confiscate the mining equipment, maybe there is a problem with article, but if they want maybe can make a law and who consume a lot of power to pay more, i don't know but is illegal to confiscate equipment buyed with own money.

if a regulation has been made stating crypto mining is prohibited it is like an illegal business. of course, the confiscation of equipment will be carried out. but I agree with your suggestion more. imposing additional tariffs for people who use more electricity will be more equitable. because mining is not an act that harms others.

[luckyflop]

Old new, it's always like that in China when it comes to crypto.
The crypto drama in there is just endless.

Yes it's a long-running TV series for cryptocurrencies in China, and since 2017 China has banned cryptocurrency mining. But that situation never stops, because in China the cost of mining is very cheap and so many people have taken advantage of it. I wouldn't be surprised if any mining plant was confiscated by the government because it always happened, I just hope that it will impact the price of Bitcoin and help it go up in the future

[acdc]

The Chinese government still has a bad view of the cryptocurrency market because of concerns about bitcoin disrupting financial markets and they dislike currencies that they cannot manage. Besides, mining electricity costs a lot of electricity, making it a waste of national resources.
I think if anyone wants to mine cryptocurrency he should go to a country that allows it. Illegal cryptocurrency mining is wrong and no government likes it.

[xZork]

I think that wherever we live, we should obey the laws of that place. Illegal mining is a misconduct and it should pay the price, and I support China's confiscation of those mining machines. If anyone wants to mine cryptocurrencies they should get permission from the government and pay a fee to operate.
Besides, the number of 7000 mining machines is quite small, I think it will not be able to affect the cryptocurrency market.

[BlackFor3st]

Chinese authorities have seized nearly 7000 crypto mining machines that are illegally consuming electric power, really hope this won't affect bitcoin in any way? And why are people doing this? Prove of staking is a better option and no one will ever know you are mining anything, i am not saying POW miners are bad but illegally? Come on! It's not worth taking such risk when they know they can be caught, they can earn same profits from Staking

Full news is right here
https://cointelegraph.com/news/chinese-authorities-confiscate-nearly-7-000-crypto-mining-machines

It will surely affect the mining society but as what they did, I know that they are already prepared to it as mining illegally is not a good option also.
It is like earning a money by stealing electricity without paying a bucks to the owner, I hope they learned from it so it will not happen again.

And the best area to put mining gigs are in the country in which electricity is very affordable so you don't need to steal an electricity instead you will earn a good profit while paying the electricity that you have used.

[Experia]

China are not against with the mining process of bitcoin but they are against with the process that the persons behind thaa mining because of stealing electricity on the nearby village meaning they are doing mining for free of charge in electricity which is very illegal wherever you are.

[Soots]

China are not against with the mining process of bitcoin but they are against with the process that the persons behind thaa mining because of stealing electricity on the nearby village meaning they are doing mining for free of charge in electricity which is very illegal wherever you are.

Maybe this incident will gather some speculative ideas and will be used by FUD makers. Indeed, those things will not really into focus with mining itself because the ones involved was having serious factors towards the mining operation. If they would wanted to do fair operation with the consent of the government, paying electricity in legal conditions should always be complied and not in an illegal initiations.