Man Sentenced in China for Stealing Train Power to Mine Bitcoin

Man Sentenced in China for Stealing Train Power to Mine Bitcoin

Cryptomining News
October 9, 2018 by Sandra Onyeiwu
1297
A Chinese court has sentenced a man, known as Xu Xinghua, to three and a half years imprisonment for stealing power from a train station to fuel his Bitcoin (BTC) mining operations. According to the document from the court,  the sentencing was served September 13 at the Datong Railway Transport Court in China’s northern Shanxi province.
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A Chinese court has sentenced a man, known as Xu Xinghua, to three and a half years imprisonment for stealing power from a train station to fuel his Bitcoin (BTC) mining operations.

According to the document from the court,  the sentencing was served September 13 at the Datong Railway Transport Court in China’s northern Shanxi province. In addition, Xu Xinghua has reportedly been fined 100,000 yuan (around $14,500).

Xinghua is said to have stolen electricity from one of the factories at Kouquan Railway back in November and December 2017 to power his 50 Bitcoin miners and three electric fans round the clock. During the period five of the mining machines were damaged.

By April, Xinghu had mined 3.2 Bitcoins, worth around RMB 120,000. Following his sentencing, police confiscated his equipment. With interest rising in the crypto market, people are turning their attention to mining their own coins.

A leaked memo from the People’s Bank of China (PBoC) to a top-level government internet finance regulator reportedly stated that Bitcoin miners should make an “orderly exit” from the country due to them sapping “huge amounts of resources and stok[ing] speculation of virtual currencies.”

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