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   1494

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.

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   112

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.