{"id":15221,"date":"2021-12-16T13:44:03","date_gmt":"2021-12-16T12:44:03","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=15221"},"modified":"2021-12-16T13:44:12","modified_gmt":"2021-12-16T12:44:12","slug":"beijing-court-deems-monetary-compensation-in-bitcoin-mining-contract-plea-invalid","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/beijing-court-deems-monetary-compensation-in-bitcoin-mining-contract-plea-invalid\/","title":{"rendered":"Beijing court deems monetary compensation in Bitcoin mining contract plea “invalid”"},"content":{"rendered":"\n
Last summer, China <\/a>began cracking down on crypto mining, forcing some of the world's largest Bitcoin mining businesses to leave the country.<\/h5>\n\n\n\n
\"Beijing<\/figure>\n\n\n\n

In exchange for his Bitcoin \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>mining infrastructure investment, the plaintiff in the case wanted 217.7 BTC. The plaintiff's Bitcoin mining contract with the blockchain firm was declared “void” by the Chaoyang District People's Court on Wednesday, according to the South China Morning Post. <\/p>\n\n\n\n

The plaintiff in the lawsuit apparently paid the blockchain <\/a>firm 10 million yuan ($1.6 million) for the deployment of mining machines, but lost money on his investment. The complainant, who is based in Beijing, said he only received 18.5 Bitcoin on his investment and requested an additional 217.17 BTC in damages. <\/p>\n\n\n\n

The court dismissed the petition and ordered the National Development and Reform Commission<\/a>‘s Sichuan branch to investigate any illicit mining in the province.<\/p>\n\n\n\n

Last summer, China began cracking down on crypto mining, forcing some of the world's largest Bitcoin mining businesses to leave the country. Following the mining restriction, China's Bitcoin hash rate share dropped from over 60% to almost zero. <\/p>\n\n\n\n

Even after nearly eradicating crypto mining, Beijing <\/a>announced a strong regulatory push against crypto trading and mining in September, banning all overseas crypto exchanges and restricting even small-scale businesses at home.<\/p>\n\n\n\n

\"Beijing
China bitcoin mining share April 2021. Source:\u00a0CCAF<\/em>
<\/figcaption><\/figure>\n\n\n\n
\"Beijing
China bitcoin mining share July 2021. Source:\u00a0CCAF<\/em>
<\/figcaption><\/figure>\n\n\n\n

The Chinese government's anti-crypto measures have only gotten stronger over time. Despite the fact that Chinese traders have repeatedly found ways to circumvent crypto trading regulations, crypto mining is nearly extinct in mainland Bitcoin.<\/p>\n\n\n\n

The most recent court case involving a Bitcoin mining <\/a>contract exemplifies China's stance on cryptocurrency. It sends a clear message to the public that crypto-related cases will not be protected or recognized by the legal system.<\/p>\n","protected":false},"excerpt":{"rendered":"

Last summer, China began cracking down on crypto mining, forcing some of the world’s largest Bitcoin mining businesses to leave the country. In exchange for his Bitcoin mining infrastructure investment, the plaintiff in the case wanted 217.7 BTC. The plaintiff’s Bitcoin mining contract with the blockchain firm was declared “void” by the Chaoyang District People’s […]<\/p>\n","protected":false},"author":13,"featured_media":15226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5730,5371],"class_list":["post-15221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-beijing-2","tag-bitcoin-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/12\/image-122.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/15221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=15221"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/15221\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/15226"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=15221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=15221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=15221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}