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Is blockchain mining legal,Check and report... Can mining machines be sold in the mainland after "mining" is severely cracked down? What are the risks?

Time : 30/10/2021 Author : eyxabj Click : + -
        In the context of regulatory decrees requiring a comprehensive rectification and clean-up of virtual currency speculation and "mining" activities, the national development and Reform Commission recently again stressed the need to crack down on virtual currency "mining", and the relevant illegal acts within the jurisdiction of provinces and cities are also continuing. On November 18, the reporter of Beijing business daily noticed that advertisements such as "mining machine spot seconds, affordable prices" appeared one after another on the public social platform, including brand-new products of head mining machine manufacturers, and some users took the initiative to release mining machine purchase information. Beijing Business Daily reporters found that although the regulatory authorities did not clearly prohibit the production and sale of mining machines, many institutions no longer provide mining machines to mainland customers.
 
        Some analysts also said frankly that in view of the strict prohibition of "mining" in the mainland, it is illegal to buy and sell mining machines with a single purpose and function in China that can only be used for virtual currency "mining". After the "mining" activities were completely stopped, the mining machine, as a "mining" tool, also opened the road of overseas migration under the tide of mine closure and evacuation. "All kinds of mining machines on the market are affordable, welcome to rush buy" "family silent mining machines, spot seconds, you deserve to have" "a large number of mining machines, spot seconds, real orders can be talked about" "selling all kinds of mining machines need didi" &hellip& hellip; On November 18, the reporter of Beijing business daily noted that many users are still publishing mining machine advertisements on public social platforms.
 
        In relevant advertising posts, products on sale include head brand mining machines with different degrees of use, as well as electronic products such as graphics cards and hard disks, which claim to be used to implement "mining" activities. However, the source and selling price of mining machines were not disclosed. Li Sen (a pseudonym), a mining circle practitioner, told the Beijing Business Daily that after the "mining" was comprehensively renovated, domestic mines were shut down, and institutions with strength and conditions chose to "go to sea" and reopen mines overseas. Most small and medium-sized institutions have nowhere to go, and can only deal with machines in China. There are also more kinds of mining machines circulating in the second-hand market. In the relevant advertising posts, there are new mining machine products to choose from.
 
        However, Li Sen pointed out that since 2021, due to market demand, chip shortage and other factors, the production of head miner manufacturers is extremely scarce, and the new miner does not need to be sold in such markets at all, so it can create more value through other channels. "At the same time, the miner itself is a consumable, and the use performance of these miners from unknown sources cannot be guaranteed, which may have changed hands many times.". The reporter of Beijing Business Daily also confirmed from a manufacturer of head mining machines that for such goods with unknown sources, if the repair applicant cannot provide accurate information on the original product order, even the company's products cannot enjoy after-sales services such as fault repair.
 
        In addition, in the relevant advertising posts, some users made the gimmick of "home blockchain computer", saying that it has low energy consumption and small size, and is specially developed in response to national policies, and can participate in mining of multiple mainstream currencies. In the view of many business people, this concept is more like a "pig killing plate". Li Sen is even more straightforward. Based on the operation principle of "mining", the miner itself has the characteristics of high energy consumption and high noise, which is impossible to use in families. Since the mainland market comprehensively eliminated the virtual currency and rectified the mining behavior, the news of currency circle and mining circle institutions going to sea and eliminating users in the mainland has repeatedly spread. Bitcontinental, the world's largest miner, issued a document on October 10 saying that its ant miner would stop shipping to Chinese Mainland from October 11.
 
        This shipment policy adjustment will not affect the overseas market customers of bit mainland. For customers in mainland China who have purchased forward products, bitcontinental said it would contact them to provide alternative solutions. On November 18, the reporter of Beijing Business Daily also interviewed bitland about the factors that stopped shipping to the mainland and the implementation progress of the purchased customer substitution scheme, but as of press time, no reply has been received from the other party. Beijing Business Daily reporters learned from many sources that under the influence of multiple factors such as market demand, regulatory policies and the human environment, the head miner manufacturers have started business adjustment earlier. Although the regulatory authorities did not explicitly prohibit the production and sale of mining machines, and some institutions did not make public statements, many institutions have stopped selling mining machines to mainland users.
 
        According to relevant sources, overseas "mining" compliance areas, market areas with diversified characteristics, small regulatory interference factors, strong partners with strong performance ability, are often more favored by mining machine manufacturers. On November 18, the reporter of Beijing Business Daily also had a multi-party understanding of whether the current domestic trading of virtual currency mining machines is legal. According to Li Ya, a lawyer from Zhongwen law firm in Beijing, from the perspective of the entire computing power market, the mainland has always been the central area of mining machine production. With the regulation drawing a red line for "mining" and currency speculation, the demand for mining machines in the mainland has almost returned to zero, accelerating the overseas layout of mining machine manufacturers. "As far as buying and selling mining machines themselves are concerned, mining machines are commodities, and commodity trading should be protected by law. Even if it is a second-hand transaction, the seller should also truthfully explain it.
 
        ”Li Ya pointed out, "buying and selling mining machines themselves is like buying computers, graphics cards and hard disks, which will not involve illegal issues. But the risk of buying and selling mining machines lies in their conductivity. The purpose of buying mining machines is mining, and mining is illegal, which is likely to be involved in the identification of illegal acts.". Xiao SA, a partner of Dacheng Law Firm, believes that in view of the strict prohibition of "mining" in the mainland, it is illegal to buy and sell mining machines with single purpose and function in China that can only be used for virtual currency "mining", which can be recognized as a direct violation of the provisions of "prohibiting the development of virtual currency ‘ mining ’ projects under any name" in the notice on the regulation of virtual currency "mining" activities.
 
        Xiao SA said that based on the general environment of carbon neutralization and carbon peak in China and the "9· 24 series of regulations and policies", and referring to the current practice that domestic e-commerce platforms and second-hand trading platforms have been completely removed from the shelves and shielded mining machines and other similar commodities, the act of selling mining machines to customers in China may be recognized as an administrative illegal act by law enforcement agencies, and relevant institutions may face administrative punishment and even the risk of constituting a crime. "However, it is not appropriate to regulate the purchase and sale of mining machines by criminal law. The regulation of criminal law should follow the most basic principle of legality of crime and punishment. Acts that are not expressly defined as crimes cannot be recognized as crimes. Unless they are extremely serious social harm, cause significant losses to public and private property, or have other extremely serious circumstances of the purchase and sale of mining machines, it is not appropriate to evaluate the simple purchase and sale of mining machines by crime.
 
        ”Xiao SA added. From the current business trends of mining machine manufacturers, relevant institutions have increased the overseas layout of mining machine sales, self operated "mining" and other businesses. In terms of mining machine sales business, a person close to the head mining machine manufacturer told the Beijing Business Daily that according to the information he learned, the regulator has not put forward rectification requirements for the head organization of mining machine production at present, and the relevant organizations have made business adjustments based on market demand. "Even from a layman's point of view, under the background of the comprehensive suspension of ‘ mining ’ activities, mining machine manufacturers actively adjust their business scope rather than passively implement the policy after it comes down, which is also a decision that is more conducive to the company's operation.
 
        ”The aforementioned person pointed out. Li Sen also repeatedly stressed to reporters of Beijing Business Daily that legal and compliance exhibition industry is also the survival of mining machine manufacturers. Previously, the mining machine production industry was mixed, and even institutions developed a large number of offline to attract users to buy mining machines by promoting the benefits of "mining", or defrauded users in the name of mining machine production. "After the introduction of regulatory policies, such acts will also be eliminated, so that the industry can return to benign operation.". No matter how the mining machine manufacturers at sea "fight" to seize market share, the "mining" in China is doomed. However, on the public social platform, in addition to the advertisements for the sale of mining machines, many users took the initiative to post to buy mining machines of various brands, and publicly consulted about "how to find new mining channels after mining is prohibited by regulatory policies".
 
        At a press conference held by the national development and Reform Commission on November 16, Meng Wei, a spokesman for the national development and Reform Commission, reiterated the harm of "mining", and stressed that in the next step, the national development and Reform Commission would focus on industrial centralized "mining", state-owned units involved in "mining" and bitcoin "mining". For units that implement residential electricity prices, if they are found to participate in virtual currency "mining" activities, they will study the imposition of punitive electricity prices, forming a high-pressure situation of continuously regulating virtual currency "mining" activities. All provinces and cities have also accelerated the rectification of the "mining" behavior of virtual currency, from a comprehensive investigation to the establishment of reporting channels to prevent the resurgence of "mining" activities in the territory, and the big network is slowly opening up.
 
        Xiao SA bluntly said that from the perspective of relevant regulatory documents, "mining" in China has no way to go, and the "mining" of virtual currency will return to obsolete industries, with no room for turning around. Li Ya further stressed that the supervision continued to release the signal of strictly regulating "mining" activities, which strongly showed the determination to continue to crack down on "mining", and also sounded an alarm for some "people with intentions". For the behavior of buying and selling mining machines with the clear purpose of "mining" in the market, both buyers and sellers should break their illusions in time, give up their fluke mentality, and avoid such operations.
 
        
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