Korean Miners Caught Using Factory Electricity

From 100 to 350 mining devices were installed by each company
02 April 2018   1770

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.

Litecoin to Implement Reward Halving Successfully

Block reward was reduced from 25 LTC to 12.5 LTC on block 1,680,000
06 August 2019   123

Today, on August 5, the reward for the Litecoin block for miners was halved.

Halving happened on block 1,680,000, changing the block reward from 25 LTC to 12.5 LTC. The next halving will take place in four years - tentatively on August 2, 2023, as a result of which the block reward will decrease to 6.25 LTC, making digital silver even more scarce.

Litecoin Block Reward Halving Countdown
Litecoin Block Reward Halving Countdown

According to litecoinblockhalf, 75% of the total Litecoin supply has been mined so far. The current inflation rate of the coin is 4.26%, and after four years it should drop to 1.80%.

Many investors were sure that the market had long “digested” the positive expectations in connection with a decrease in cryptocurrency emissions and expected either a sideways price movement or even a decrease in the LTC rate.