• newest
  • crypto
  • bitcoin
  • blockchain
  • industry
  • mining
  • news
  • mining glossary
  • DAO
  • defi
  • hash power
  • mining equipment
  • reward
  • satoshi
  • transaction
  • blockchain block
  • cbdc
  • Ethereum
  • fintech
  • hash
  • nft
  • node
  • NTF
  • sustainability
  • updates
 

Back

Update on our China Based Operation

    MineBest Team

    MineBest Team

    Facebook iconLinkedIn iconTwitter icon

    Date icon
    2 min read
    Date icon
    01.09.2021

    September 1st, 2021 

    MineBest would like to bring its partners up to date on an event related to its operation within China that has been affecting the company’s mining capacity and overall operation since October 2020.  In October 2020, MineBest – under the advice and assurances of its trusted strategic local partner in China – began the transfer process of a large number of miners within China. 

    At the end of 2020, after losing contact with this local partner, MineBest had unfortunately confirmed that it was the victim of misappropriation of its property in China in the form of a theft of a large quantity of its miners.  MineBest had initiated internal investigations and started seeking help from the Chinese local police and other domestic and international authorities along with leading institutions – such as employing one of the top legal firms globally – to find the miners and reclaim them for the business.

    Due to the level of complexities involved in gathering the required evidence as well as initiating the legal proceedings, the company was not able to immediately communicate this serious crime against it as advised by both local authorities and its lawyers.  Although the miners were found and seized by the Chinese police, according to Chinese law, both the machines seized by the police and the crypto mined by such machines must remain under the judicial authority until an outcome within this case has been reached. Please note that for the sake of the criminal proceedings in China at this stage, MineBest cannot reveal more details regarding the case.  

    MineBest CEO, Eyal Avramovich, has stated the following related to this incident: “The company’s ability to overcome such an incident is testament to the solid foundation it was built on.  We thank all of our partners for their ongoing support during this challenging time and will continue to regularly provide updates.” 

    Despite the above, MineBest’s ongoing growth strategy including expanding outside of China as well as providing more hashrate with competitive electricity prices has not been impeded. The company believes in the positive conclusion of the case, which should potentially enable MineBest to provide its partners affected by the incident with an interesting offer aiming at compensating the inconvenience it may have caused to them.

    This statement and any subsequent ones posted on either the MineBest website or other official channels should be treated as the only official communication from the company. Any other information available on the topics covered by our official statement originating from other sources are not valid or supported by MineBest (unless otherwise stated). MineBest will continue to use its official channels to provide updates on the matter presented here.

    This website uses cookies

    This website uses cookies for its proper functioning, use of analytical, marketing and social plugins. For details, see the  privacy policy If you agree to the use of cookies, click on the button ‘I understand and accept’. To edit the cookie settings in your browser click here. You can revoke or change your consent at any time.