{"id":147560,"date":"2021-12-16T11:07:12","date_gmt":"2021-12-16T11:07:12","guid":{"rendered":"https:\/\/precoinnews.com\/?p=147560"},"modified":"2021-12-16T11:07:12","modified_gmt":"2021-12-16T11:07:12","slug":"beijing-court-rejects-monetary-compensation-in-bitcoin-mining-contract-plea","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/beijing-court-rejects-monetary-compensation-in-bitcoin-mining-contract-plea\/","title":{"rendered":"Beijing court rejects monetary compensation in Bitcoin mining contract plea"},"content":{"rendered":"

A district court in Beijing has rejected monetary compensation in a Bitcoin (BTC) mining contract plea against a blockchain company.<\/p>\n

The Chaoyang District People\u2019s Court on Wednesday deemed the Bitcoin mining contract between the plaintiff and the blockchain firm \u201cinvalid,\u201d the South China Morning Post reported on Dec. 16. The plaintiff in the case reportedly paid 10 million yuan ($1.6 million) to the blockchain firm for deployment of mining machines, but incurred losses on his investment.<\/p>\n

The Beiijng based plaintiff claimed he earned only 18.5 Bitcoin on his investment and demanded an additional 217.17 BTC in compensation for his losses. The court rejected the plea and also directed the Sichuan branch of the National Development and Reform Commission to look into any illegal mining going on in the province.\u00a0<\/p>\n

China started its crypto mining crackdown last summer, which resulted in the migration of some of the biggest Bitcoin mining companies from the country. China\u2019s Bitcoin hash rate share fell from over 60% to near zero in the aftermath of the mining crackdown. However, even after eradicating crypto mining almost completely, Beijing announced a massive policy drive against crypto trading and mining again in September, prohibiting even small-scale operations at home and banning all foreign crypto exchanges.<\/p>\n

<\/p>\n

The Beijing-led crypto crackdown policies have only become stricter with time. Even though Chinese traders have found ways to bypass crypto trading bans on numerous occasions, crypto mining is almost extinct in mainland China.<\/p>\n

The latest court case regarding a Bitcoin mining contract highlights China\u2019s stand on crypto-related activities. It sends a clear message to the public that the judicial system won\u2019t protect or recognize crypto-related cases.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A district court in Beijing has rejected<\/p>\n","protected":false},"author":3,"featured_media":147559,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBeijing court rejects monetary compensation in Bitcoin mining contract plea - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/beijing-court-rejects-monetary-compensation-in-bitcoin-mining-contract-plea\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beijing court rejects monetary compensation in Bitcoin mining contract plea - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"A district court in Beijing has rejected\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/beijing-court-rejects-monetary-compensation-in-bitcoin-mining-contract-plea\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-16T11:07:12+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/12\/Beijing-court-rejects-monetary-compensation-in-Bitcoin-mining-contract-plea.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/beijing-court-rejects-monetary-compensation-in-bitcoin-mining-contract-plea\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/beijing-court-rejects-monetary-compensation-in-bitcoin-mining-contract-plea\/\",\"name\":\"Beijing court rejects monetary compensation in Bitcoin mining contract plea - 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