Tech 9 October 2018Rebecca Asseh
Energy-stealing crypto miner faces jail time in China
Authorities said Xu Xinghua, of Datong in China’s northern province of Shanxi, successfully mined 3.2 BTC—worth an estimated 120,000 yuan or $17,400)—as of April. His crypto mining operations, which involved 50 crypto miners and three electric fans, were allegedly powered by electricity stolen from one of the factories at the Kouquan Railway. Xu reportedly ran up an electricity bill of 104,000 yuan ($15,000), according to reports.
The Datong Railway Transport Court confiscated Xu’s mining rigs and also ordered him to pay the 100,000 yuan ($14,500) fine, cnBeta reported. Xu was sentenced for his “miner theft case” last September 13.
Xu is the latest crypto-related case to have faced the wrath of the Chinese government, which has been relentlessly after crypto miners who it claims have been or are looking into illicitly using the country’s power supply. Recently, reports surfaced that China’s internet finance regulator, the Leading Group of Internet Financial Risks Remediation, has ordered local governments to “guide” crypto mining operations into making an “orderly exit” from the business. This comes on the heels of reports that the Chinese government is looking at limiting electricity supply to crypto miners.
Notice from China special rectification on risks in Internet Finance department to local government to make a plan before Jan 10th – “ lead mining factories quit gradually” #btc #bitcoin #BitcoinMining with Central Bank official Chop. Prepare for the roller coaster!!!! pic.twitter.com/OLv8j1veHb
— ? (@cryptovenus) January 5, 2018
The regulations, however, have yet to stop illegal crypto mining operations in China. In April, six people were reported to have stolen electricity from their local power grid to mine cryptocurrency. Two months later, a man was arrested in Anhui province on charges of stealing power of 150MW and running a bill of 6,000 yuan ($930) daily. According to reports, the man’s mining operation included 200 computers, which he used to mine BTC and ETH.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
Tech 27 minutes ago
Is China banning Bitcoin mining?
The draft proposal from China’s economic planning commission, which labels bitcoin mining as an industry that needs to be “eliminated," sparks undesirable attention to the global mining industry.
Tech 19 May 2019
Future block reward halvings spell doom for Bitcoin Core but bright future for Bitcoin SV
nChain’s chief scientist Dr. Craig Wright has performed some calculations about future economics for Bitcoin Core (BTC).
Tech 17 May 2019
Democrat Andrew Yang believes blockchain ‘big part’ of US future
A candidate for Democratic presidential nomination has spoken out in favor of blockchain, saying the technology will be a “big part of our future.”