Jiahe Court: Virtual currency "mining machine" transaction contract is invalid, losses are borne by oneself

Recently, the Jiahe County People's Court heard a case involving a "mining" equipment contract dispute and ruled to dismiss the plaintiff's lawsuit. The plaintiff Pan Mouxiang and the defendant Lei Moucai communicated through WeChat to order S19XP Bitcoin "mining" equipment. After the plaintiff paid 23678136.90USDT (Tether), the two parties disagreed on the nature of the contract and the settlement price. The plaintiff requested the return of the difference in the payment of 6270457.36USDT and continued to deliver 149 machines. The court held that the focus of the dispute in this case was the validity of the contract. According to the notice issued by the People's Bank of China and other departments, virtual currency does not have the status of legal currency, related transactions are illegal financial activities, and civil legal acts are invalid. At the same time, the National Development and Reform Commission and other departments also issued a document prohibiting virtual currency "mining" activities because of its high energy consumption, high carbon emissions, and low contribution to the national economy. Therefore, the plaintiff's purchase of S19XP "mining" equipment from the defendant violated laws, administrative regulations, and violated public order and good customs, and the civil legal act was invalid. The court dismissed the plaintiff's claims, including the request to return Tether and continue to deliver mining machines, and both parties shall bear the relevant consequences.