$7000 fine for using supercomputer to mine bitcoin

[Consignee 2395]

A guy namely Danis Baykov and two of his colleagues have mined bitcoin from a computer of their official. Later, the guy have been sentenced $7000 fine for ding that illegally using official components for personal uses. Interesting. People are being crazy at bitcoin these days.

News source- https://decrypt.co/9751/man-fined-for-using-russian-supercomputer-to-mine-crypto

[dentolas 551]

At the actual BTC rate, and having access to a supercomputer, who can blame them? 😁 maybe they have mined more than the fine is worth?!

At this point BTC is here to stay and it is better to join and mine it than to turn your back to it and pretend it doesn't exist...

[cryptokram 102]

NO way! 7000 USD is way to huge, we know that the super computer now just worth at max 1000-2000 USD each then we go that way?

how about the electricity and the maintenance?

the weather is good?

Come one hat is too huge!

[chiefjustice 90]

it is not the mining (imo), it is using other's property, here the computer. Same as stealing. The act itself is an intrusion 🙂

Without the knowledge or permission, even normal computers, if someone literally hold your old lappy or granny PCs, that would be your initial reaction.

[dentolas 551]

9 hours ago, BTCmooping said:

I won't agree with you mate; they are to be blame for such hilarious act. That's illegal mining of bitcoin without the consent of the company that owns the supercomputer. 

Just checked right now that; the victim is the most stupidious individual, reason be that; you can start mining through cloud mining as low as 0.001btc. Haven paid the fine of $7000 means that, he just wasted his life for nothing because of ignorance.

I think you are right up to a certain point... the guy didn't know enough and it was just one more guy after the gold...

And of course that legally they commited a piracy act...

But come on, didn't you guys ever looked into your Facebook, or played some game on the company PC? Each one of us has it's faults.... and this is no reason for a $7000 fine.... (in my point of view)

[Consignee 2395]

10 hours ago, cryptokram said:

NO way! 7000 USD is way to huge, we know that the super computer now just worth at max 1000-2000 USD each then we go that way?

I am not sure where your location is. In my area, to have a better gambling PC, it worth more than $1500. Can you ship me a PC as per my configuration? Would really appreciate and would pay $2000. Of course, escrow must or you send the PC first.

[BullRunBit 2773]

2 hours ago, Consignee said:

I am not sure where your location is. In my area, to have a better gambling PC, it worth more than $1500. Can you ship me a PC as per my configuration? Would really appreciate and would pay $2000. Of course, escrow must or you send the PC first.

Why you prefer to mining BTC? Now is really hard for mining especially for BTC.

Why you dont start to mining some good altcoin with potential to grow in BTC value, I heard that some people mining ETC and convert into BTC (I dont suggestion just tell you what I heard). Of course you must to do own research which coin is best for mining current, if you need help about that I can find you some sites where you can check all information. 

I dont mining, but for sure I know that now is very hard to mining BTC and it will be a lot harder after halving (much harder). And because of that I suggest you to start mining with some good altcoin, example Dogecoin is very good (again you must to do research, I talking about price in BTC) and have good potential to grow in BTC price.

To come back on original discussion, you want to buy PC but you did not write with what you want to mining GPU or CPU? I ask you this because (example) XMR cross to different algorithm and will be interesting to see what will happen, or ETH cross to POS and famous 32 ETH for staking.

If you want to start mining you must to do own research to see what is good for you, of course it's lot better to start mining with own computer than to invest in some cloud mining site. 😀

[Consignee 2395]

On 9/30/2019 at 5:06 PM, BullRunBit said:

Why you prefer to mining BTC? Now is really hard for mining especially for BTC.

I am not interested in mining BTC, neither much of a fan of mining anymore. Only mining some new alt which I found good potential. There's no chance for mining BTC without pool, even the reward isn't that high.

[aajiz_banda 4]

3 minutes ago, Consignee said:

I am not interested in mining BTC, neither much of a fan of mining anymore. Only mining some new alt which I found good potential. There's no chance for mining BTC without pool, even the reward isn't that high.

you can try to mine nimiq or pi currency , they will have a good demand in the coming years and these coins will surely grow in price with the passage of time same like xrp and others

[BitcoinCase 326]

On 9/29/2019 at 6:46 PM, chiefjustice said:

it is not the mining (imo), it is using other's property, here the computer. Same as stealing. The act itself is an intrusion 🙂

Without the knowledge or permission, even normal computers, if someone literally hold your old lappy or granny PCs, that would be your initial reaction.

Well said, and that is the point most people are missing. Any unwanted activity you perform on another individuals property without permission is a crime. Thanks for the post as some people who think it's funny or okay are sadly mistaken. 

[Consignee 2395]

1 minute ago, aajiz_banda said:

you can try to mine nimiq or pi currency , they will have a good demand in the coming years and these coins will surely grow in price with the passage of time same like xrp and others

Thanks for suggesting, I may have a look but to be honest I am bored at mining. It generates loss than profits these days. may be I will try after some days.

[BullRunBit 2773]

Just now, Consignee said:

I am not interested in mining BTC, neither much of a fan of mining anymore. Only mining some new alt which I found good potential. There's no chance for mining BTC without pool, even the reward isn't that high.

And after halving will be a lot harder, you will see.

I recommend some good altcoin, and after payment you convert/sell for BTC.

And of course HODL BTC. 😉

[Consignee 2395]

17 hours ago, BullRunBit said:

And after halving will be a lot harder, you will see.

I recommend some good altcoin, and after payment you convert/sell for BTC.

And of course HODL BTC. 😉

It's the tough part of mining, I mean finding a good altcoin which is profitable. I can't see much because of the cost associated with it. In my opinion, right now, it's pure gambling if someone is mining altcoin. Very few coins are profitable and mining them is very much hard.

[BullRunBit 2773]

Just now, Consignee said:

It's the tough part of mining, I mean finding a good altcoin which is profitable. I can't see much because of the cost associated with it. In my opinion, right now, it's pure gambling if someone is mining altcoin. Very few coins are profitable and mining them is very much hard.

For Bitcoin is for sure hard to mining it (and it will be harder after halving), but for altcoins I think is different story.

We can see that price of most altcoin is very low, and because of that it's easier to mining it.

Example, if you mining ETH when price was around 1000$ you mining lower amount but now if you mining ETH you can mining bigger amount than then.

[Consignee 2395]

Just now, BullRunBit said:

Example, if you mining ETH when price was around 1000$ you mining lower amount but now if you mining ETH you can mining bigger amount than then.

Problem is how much profit will it generate with the current price? I doubt it will cost effective with my expenses. I didn't try ETH for a long time though.

[BullRunBit 2773]

Just now, Consignee said:

Problem is how much profit will it generate with the current price? I doubt it will cost effective with my expenses. I didn't try ETH for a long time though.

Maybe currently, but one thing I learn for mining (I'm not miner, but read a lot about mining).

Mining only coin for which you think that will grow/go up exactly because of profit.

When you mining you (example) earn 1$ daily in ETH, and ETH price go up from 200$ to 400$ you dont have 1$ (in ETH) anymore you 2$ in ETH.

I hope you understand me what I want to tell you.

Only is matter that mining altcoin which have potential to go up.

[Consignee 2395]

Just now, BullRunBit said:

Maybe currently, but one thing I learn for mining (I'm not miner, but read a lot about mining).

Mining only coin for which you think that will grow/go up exactly because of profit.

When you mining you (example) earn 1$ daily in ETH, and ETH price go up from 200$ to 400$ you dont have 1$ (in ETH) anymore you 2$ in ETH.

I hope you understand me what I want to tell you.

Only is matter that mining altcoin which have potential to go up.

Yeah but it's pure gambling and you know it requires regular expense as well. I had mined some new coins as well but no luck till now. Anyway, thank you. It was a great suggestion from you.

[cryptosix 1643]

On 9/30/2019 at 4:16 AM, chiefjustice said:

it is not the mining (imo), it is using other's property, here the computer. Same as stealing. The act itself is an intrusion 🙂

Without the knowledge or permission, even normal computers, if someone literally hold your old lappy or granny PCs, that would be your initial reaction.

Yep, but the news channel says it is illegal for mining may be their country has banned or the office has banned. Why this office has reported to him instead of kicking outside. The guy might got already a warning but he dint listen to them.

Its better not to mine from offices or some other computers. People should use their own computer that comes for cheap.

[Damayhem 7]

Lol guy had the right idea shane he got caught hahaha 

If u can get freehashrate ans free power your on a winner lol 7k fine sucks but better then imprisonment ect also depends on the system it self could compromise security ect fears there could have been a lot worse

If at first you dont succed mining just borrow the works super computer lol

[Elton23 202]

On 9/29/2019 at 9:44 PM, dentolas said:

At the actual BTC rate, and having access to a supercomputer, who can blame them? 😁 maybe they have mined more than the fine is worth?!

At this point BTC is here to stay and it is better to join and mine it than to turn your back to it and pretend it doesn't exist...

Id say they mined much more than the fine lol, $7000 dollars is less than 1 btc, and being a super computer I would say it mined much more than 1 btc....

[dentolas 551]

9 hours ago, Elton23 said:

Id say they mined much more than the fine lol, $7000 dollars is less than 1 btc, and being a super computer I would say it mined much more than 1 btc....

it would be very interesting to know how much they've mined, but I guess that will never come out so that people don't start going looking for supercomputers  🙂

 

[Scottsummers 347]

On 9/29/2019 at 5:53 AM, Consignee said:

A guy namely Danis Baykov and two of his colleagues have mined bitcoin from a computer of their official. Later, the guy have been sentenced $7000 fine for ding that illegally using official components for personal uses. Interesting. People are being crazy at bitcoin these days.

News source- https://decrypt.co/9751/man-fined-for-using-russian-supercomputer-to-mine-crypto

It's hard not to like someone for doing this even it was against the law. Everyone loves someone who does something clever like this. Can't have people using supercomputers to mine though. 

[Paranoia123 17]

Hahaha that is sad and funny to read in the same way. I mean why would you risk your job to mine from work with a computer that barely generates mining power ? It has no sense. Also the company sues him for nothing as nothing broke when he mined so I do not get their decision also...what a tragic comedy lol.

[Elton23 202]

8 hours ago, dentolas said:

it would be very interesting to know how much they've mined, but I guess that will never come out so that people don't start going looking for supercomputers  🙂

 

I'd say a fair bit. Considering the authorities prosecuted them, they must have been doing it for sometime. Still though I admire the culprits for the idea, and a $7k fine wouldn't put me off lol

[jmigdlc99 360]

11 hours ago, Elton23 said:

I'd say a fair bit. Considering the authorities prosecuted them, they must have been doing it for sometime. Still though I admire the culprits for the idea, and a $7k fine wouldn't put me off lol

Agreed. A $7k fine isn't too bad compared to the potential upside of mining with a "supercomputer" if that's not exaggerated. In our country you wouldn't just be fined, you'd be fired and imprisoned as well.