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Judgment of the first bitcoin “mining” contract case: the contract is invalid

After hearing, the court held that the transaction involved in this case was actually a “mining” activity to calculate and produce virtual currency through a special “mining machine”. Such “mining” activities have large energy consumption and carbon emissions, which are not conducive to the optimization of China’s industrial structure, energy conservation and emission reduction, and China’s goal of carbon peak and carbon neutralization. In addition, multiple risks such as false asset risk, operation failure risk and investment speculation risk derived from virtual currency production and trading are prominent, which is detrimental to the social and public interests. Knowing that there are risks in “mining” and bitcoin transactions, and the relevant departments explicitly prohibit bitcoin related transactions, the company still signs the “mining” agreement on behalf of the company. This Agreement shall be invalid because it violates the social and public interests, and the relevant rights and interests arising therefrom shall not be protected by law. The consequences caused by the above acts shall be borne by the parties themselves. Finally, the court found that the contract between the two parties was invalid and rejected all the claims of the plaintiff.

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