A 61-years older woman in China was charged with theft of electricity, a national resource used for the purpose of mining. A Chinese media reported that woman named, Tang Qiuping, was imprisoned for four months and fined 10000 (about $1500) yuan for stealing electricity.
The Kaiping District People’s Court of Tangshan City, Hebei Province passed the judgment on the case filed by the Tangshan Power Supply Company of Minbei Electric Power Co., Ltd. on October 2, 2018. Tang Quiping was charged with stealing electricity worth 8984.35 (about $1300) between January 11 and October 2, 2018.
She used to run four Bitcoin mining hardware equipment, one regulator and one mobile device on the stolen power. She earned approximately 6500 yuan ($940) from the process. However, she stole electricity worth $1300 for the same.
The family of the woman was full of regret, and reportedly, they were the ones who made suitable for the charges as Quiping was arrested.
The State police detained her, and after that, she confessed to her crimes in court. She also made full reimbursement of the electricity charges to the State Grid North Power Co., Ltd. Tangshan Power Supply Company. Tang Quiping also reimbursed the profits from worth 6500 yuan to the State Treasury. Furthermore, the court fined her 10000 yuan. In total, she paid about 25000 yuan in fines and reimbursements to the state authorities.
The press release also added that it is not the first instance of catching people of illegally mining Bitcoin. Moreover, if such crimes are seriously prevalent to a higher degree in China, it poses severe economic problems. Additionally, the Chinese Authorities are considering to close down the Bitcoin mining business as it wasting its resources.
Nevertheless, from another unrelated case, the Chinese Legal department also made it clear it was legal to own Bitcoins in China. Wei Xiao, a council member at the Bank of China Law Research Association recently suggested that it is legal to own and send/receive Bitcoin for personal purpose.
Do you think that China will shut down the mining business altogether? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com