Korean Miners Caught Using Factory Electricity

From 100 to 350 mining devices were installed by each company
02 April 2018   246

South Korean police arrested 14 people from 13 companies for illegally using cheap electricity to mine cryptocurrencies at industrial complexes.

Mining activities were taking place in four different complexes in the city of Gwangju. Illegal miners had 10 percent lower electricity costs compared to companies in general areas, as well as lower rents.

From 100 to 350 mining devices were installed by each company; mining process started since May 2017.

Six companies were located in 

  • Hanam
  • Nano
  • Pyeongdong

Industrial Complexes.

This isn't the first time miners are suspected in illegal using of subsidized electricity in public or office areas in the country. August 2017, an electronics retail marketplace in South Korea reportedly took the unusual step of outlawing vendors from mining bitcoin in their stores.

South Korea to Toughen Mining Chip Import Rules

Mining chips will have to meet legal requirement for importation, such as safety and sanitation certifications
19 April 2018   114

In South Korea, foreign-made crypto mining chips import rules can be complicated in the near future.

As reported by CoinDesk with reference to the statement of the Korean Customs Service (KCS) the government agency added mining chips to the list of goods that must meet certain criteria established by the current legislation for importation into the country, including certificates of security.

New requirements were introduced after the customs service discovered an increase in the number of mining chips imported into the country. So, in November and December last year, according to KCS, 454 mining chips were imported to the country for a total of 1.3 billion won ($ 1.2 million).

Since the mining devices consume a significant amount of electricity and produce a lot of heat, their operation is associated with an increased risk of fires.

To neutralize these risks, the service will monitor the safety of imported devices in accordance with the requirements established by the National Radio Agency.