Beijing court: Bitcoin "mining" is a venture capital activity

Time:2022-01-23 00:30 Source:Internet Copy share

On January 23, the Beijing Dongcheng Court held that after hearing the case: Bitcoin (Bitcoin) is a virtual currency calculated by a specific computer program. It has the characteristics of decentralization, limited total amount, and anonymity. An open source program that combines open source software engineering models, cryptography principles, and proof-of-work mechanisms. Participants have the opportunity to receive a certain amount of Bitcoin as a reward after successfully executing a specific algorithm. The method of obtaining Bitcoin through this method is called "Mining". In nature, Bitcoin is a specific virtual commodity and does not have the same legal status as currency. Bitcoin “mining” is essentially a risk investment activity in pursuit of virtual commodity returns, and investors must bear the relevant investment risks by themselves ; From the point of view of behavioral effectiveness, the “mining” activity consumes huge amounts of electricity and energy. The 685 “mining machines” involved in the case consume an average of more than 57,500 kWh of electricity per day, and the production and transaction links threaten the country’s financial security, and the risks derived from social stability are prominent. It has become a speculative tool, which is contrary to the spirit of the "green principle" of the "Civil Code". It belongs to the elimination category of industries that are prohibited from investment by administrative regulations. It violates public order and good customs, and should be an invalid contract. From the perspective of responsibility burden, Bitcoin "mining" The policy risk, technical risk and the risk of investment loss arising from the activities should be borne by the investors themselves. Since both parties are at fault for the invalidity of the contract, the relevant loss and consequences should also be borne by the parties themselves. Therefore, the judgment dismissed the plaintiff. A lawsuit filed by a company.

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