Police arrest two men for mining Bitcoins in Shangla

[Shahzaz ud din]

Police arrest two men for mining Bitcoins in Shangla
By Ihsan Dawar
Published: January 25, 2020
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The suspects from Punjab booked on charges of money laundering through cyrptocurrency. PHOTOS: EXPRESS

MANSEHRA: Police in a remote district of Khyber-Pakhtunkhwa have smashed a “mining farm” for generating cyrptocurrency and arrested two men for mining Bitcoins.

Bitcoin, a cryptocurrency, is a decentralised digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer Bitcoin network without the need for intermediaries.

“We were tipped off about the presence of a sophisticated computerised system at an address in Bar Kanna Shapur Khwar, a remote mountainous area of Shangla district,” Malik Ejaz, the district police officer (DPO), told The Express Tribune on Saturday.

“Two men had rented the small house which they were using as a “mining farm” to mine Bitcoins,” DPO Ejaz said and identified the arrested men as Ghulam Ahmad, a resident of Okara district of Punjab, and Sajid Sediqui Dogar, a resident of Lahore.

Bitcoin drops as scrutiny of cryptocurrencies grows

“Mining farm” is a data centre, technically equipped to mine bitcoins or other cryptocurrencies.

PHOTO: EXPRESS

The two men, arrested on charges of money laundering through cryptocurrency, have been handed over to the Federal Investigation Agency (FIA) which has a specialised wing for cybercrimes.

Bitcoin and other cryptocurrencies are illegal in Pakistan. It may still be possible for Pakistanis to acquire Bitcoins through decentralised exchanges or by purchasing Bitcoins from foreign exchanges, however, that would be illegal.

Cyrptocurrency expert Hamad Khan said Bitcoin mining, which requires heavy machinery and graphic processing units, has to be set up in cold temperatures – perhaps this is the reason the suspects chose Shangla for their mine.

 

[AZADPAKISTAN2009]

Bitcoin is not illegal

Bitcoin farming is simply the users setup Servers with IP , which help with the processing of Transaction happening worldwide , as a thank you for their services Bitcoin offers them a free "Coin" payment

The computation / processing can happen on any million of systems located world wide , if it happen to be at their Computer , they get a reward of 1 coin. They use that cover their cost of internet fees and cost of equipment

If anything these Gentlemen were innovators who are exploring the financial transaction market which is done worldwide

Bitcoin farming is a service , like for email you may use Google or Hotmail

• This news is a proof that Pakistan has no clue about IT future and present

• World wide Innovators are winning $$$ for Investigating Bitcoin

World Wide , the western users are dominating the Bitcoin sector while Pakistan is closing down people are investing in technology


The paper currency is already being replaced by Digital Coins , in Mobile platform
Stupid that Pakistan has no idea how to deal with growth in Digital Coin sector

 

[El Sidd]

Economic Terrorists!!

 

[AZADPAKISTAN2009]

It is just lack of Understanding , Pakistan is backward nation in term of Technology Adoption
Only thing they do is buy TV/LCD setts and electronics

The role of Banks and Intermediatories will be gone in next 10-20 years that is where the market is heading

Various coins are traded publically world wide

Bitcoins can be exchanged for Real Money at ATM or many e-commerce sites allow you to buy and sell in Coins

 

[El Sidd]

I think this is how imran Khan protests and election campaign was sponsored by foreign countries.

 

[AZADPAKISTAN2009]

ignore _ Retired Troll

 

[El Sidd]

You can climb the top of Babel tower all you like.

God is gonna cut you down

 

[Sine Nomine]

@ps3linux

Look at their setup.

 

[Bossman]

I am impressed at Pakistani ingenuity. That’s a massive mining operations. This would have capacity close to a small super computer. They might have picked Shangla for the low temperature but high bandwidth use in a small town like Shangla would have quickly drawn attention.

 

[Sine Nomine]

That was a big setup,it was 65 unit,each having 12 Channels which means 780 channels were working.It was built in remote part of Shangla were weather is always cool in summer and reaches negative in winter.
Electricity was being provided through a Turbine and Network was being controlled remotely from somewhere else.

 

[AZADPAKISTAN2009]

It is a professional Setup

Bitcoin farming is not illegal

Hundred / Thousand of such farms exist in USA and globally
It is 100% Legal service

World wide people are investing and benefiting from Boom in Coin Trade world wide Pakistan as always is stuck in 1950 because they simply do not understand technolgy

 

[PakSword]

Bitcoin is not illegal

Bitcoin farming is simply the users setup Servers with IP , which help with the processing of Transaction happening worldwide , as a thank you for their services Bitcoin offers them a free "Coin" payment

The computation / processing can happen on any million of systems located world wide , if it happen to be at their Computer , they get a reward of 1 coin. They use that cover their cost of internet fees and cost of equipment

If anything these Gentlemen were innovators who are exploring the financial transaction market which is done worldwide

Bitcoin farming is a service , like for email you may use Google or Hotmail

• This news is a proof that Pakistan has no clue about IT future and present

• World wide Innovators are winning $$$ for Investigating Bitcoin

World Wide , the western users are dominating the Bitcoin sector while Pakistan is closing down people are investing in technology


The paper currency is already being replaced by Digital Coins , in Mobile platform
Stupid that Pakistan has no idea how to deal with growth in Digital Coin sector

Using kunda electricity or using electricity on residential tariff rather than commercial one is a crime though.

View attachment 601621 That was a big setup,it was 65 unit,each having 12 Channels which means 780 channels were working.It was built in remote part of Shangla were weather is always cool in summer and reaches negative in winter.
Electricity was being provided through a Turbine and Network was being controlled remotely from somewhere else.

That shouldn't be illegal..

Bitcoins can be used in illegal activities though.

 

[AZADPAKISTAN2009]

Electricity Theft if it happened is illegal 100%

Bitcoin farming is not illegal

Example:
Person A buys a Ball from Person B, they pay by Bitcoin in Mobile
That transaction , searches worldwide for a machine which can help it process /register the sale, if your machine happens to be running , it uses your computer to run the transaction and you get a thank you 1 coin payment

• Bitcoins farming service you are not receiving money you are simply providing your computer/machine to help process a computation which allows Person A to send Money to Person B

• The coin you get is the fee , a thank you for allowing your computer to be used to help with processing of transaction

• The Coin fee, you get is used to pay bill for internet , cost of your Machines

It is fundamental right of any Human to buy and Sell using any means of trade

 

[El Sidd]

Bitcoins can be used in illegal activities though.

Why do you think they were invented genius?

Form of currency should be common not exclusive to one particular section of society.

ye samjha sakte ho tum azadpakistan2009 ko?

 

[PakSword]

Electricity Theft if it happened is illegal 100%


Example:
Person A buys a Ball from Person B, they pay by Bitcoin in Mobile
That transaction , searches worldwide for a machine which can help it process /register the sale, if your machine happens to be running , it uses your computer to run the transaction and you get a thank you 1 coin payment

• Bitcoin farming is not illegal, as a bitcoins farming service you are not receiving money you are simply providing your computer/machine to help process a computation which allows Person A to send Money to Person B

• The coin you get is the fee , a thank you for allowing your computer to be used to help with processing of transaction

• The Coin fee, you get is used to pay bill for internet , cost of your Machines

Bhai quote kia kar please..

If you have many bitcoins, you can pay terrorists for their services without anyone knowing about it.

That's why it is illegal to generate and use bitcoins in Pakistan..