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- An employee of the Baidu Multinational technology company was sentenced to service in prison for alleged mining of Bitcoins valued around $14,000.
- The employee started the mining or got an interest in mining when Bitcoin was performing at its peak in the year 2017 when it reached $20,000 in its market value.
An employee of the Baidu Multinational technology company was sentenced to service in prison for alleged mining of Bitcoins valued around $14,000. Baidu is the Chinese Multinational Corporation and technology company specializing in internet and internet-related applications and gives services related to products of artificial intelligence and currently named as one of the largest AI and internet companies in the world. Baidu is equivalent to Google in the Chinese industries.
Baidu Employee Started Mining When Crypto was Peak High
The employee started the mining or got an interest in mining when Bitcoin was performing at its peak in the year 2017 when it reached $20,000 in its market value. The whole traditional market saw the crypto network in surprise because of the ROI is generated.
Mining is a different process than trading or transaction; mining involves a set of cryptographic lines which are used to encrypt the Bitcoin transaction by solving a large math problem involving various alphanumeric codes. To do the mining individual computing systems are set up to solve the math problems, and hence upon successful completion and securing it cryptographically, a sum of Bitcoin is rewarded to that individual.
The employee is alleged to have downloaded mining scripts from the industries and directed to the Baidu servers where the convict has mined Monero and then converted it into Bitcoin and sold them for an estimated price of 100,000 Yuan ($14300). The individual convicted was a senior engineer and technician for the maintenance of the Baidu’s search engine.
The illicit mining came under notice after the observation of unusual activity on a large number of servers. The person has been sentenced to three years in prison, and a penalty of $1570 has been charged. China has still not completely legalized the Bitcoin trading; however, mining of the crypto is legalised here.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
