Risks of Mining Bitcoin on Mobile Phones (Is Mining Bitcoin on Mobile Phones Illegal?)
What are the risks of mining Bitcoin on mobile phones? According to monitoring d
What are the risks of mining Bitcoin on mobile phones? According to monitoring data from the Beosin-EagleEye blockchain security situational awareness system in Chengdu, at least 6 mobile phones have been monitored for theft or suspected fleeing. There are three possible reasons for this: 1) The immutability of smart contracts makes it impossible to conduct transactions without third-party auditing. 2) To avoid financial losses or property damage caused by hacker attacks, it is recommended to use Samsung’s processor chips to ensure the safe operation of hardware devices. 3) Converting digital currencies into mobile mining through special means is extremely dangerous.
Is Mining Bitcoin on Mobile Phones Illegal?
At the 2018 China Internet Finance Forum, the Chaoyang District People’s Procuratorate in Beijing accused “illegal activities involving mining Bitcoin on mobile phones.” Investigations have been initiated in Beijing, Zhejiang, and other places.
Are there any relevant laws and regulations regarding such illegal activities? According to Article 412 of the Criminal Law of the People’s Republic of China, “seizing or confiscating virtual currency assets on the grounds of theft” may constitute a criminal offense. According to reports from China Judgments Online, “running Android mining programs in the background through downloaded third-party software may be involved in illegal fundraising.” If encountering such situations, one can report to the public security organs.
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