South Korean police arrest 14 illegal cryptocurrency miners

Fourteen individuals in South Korea have been arrested on the charges of illegally using cheap electricity to mine cryptocurrencies reported Coindesk.

 

Local police said that the accused were setting up mining operations at industrial complexes with electricity costs running 10 percent less than that of the area.

 

In accordance with local laws, the former violates rules regarding factory use, said the website.

 

According to reports, 100-350 mining devices were found since May of 2017.

 

In the realm of cryptocurrency mining, this is not the first reported case of miners illegally using subsidized electricity in public areas.

 

 

Recently, New York state Public Service Commission ruled that power companies can charge higher rates to cryptocurrency mining operations.  There are at least three cryptocurrency companies operating in upstate New York using 1000’s more TWh than residential customers, with some accounting for 33 percent of municipal utilities’ total demand.  Read further here – Higher Energy Costs for New York State Bitcoin Miners

 

The cost of electricity for cryptocurrency mining can be limiting when the return on investment (ROI) and profitability are calculated.  Many question whether Cryptocurrency Mining is Profitable?   So, how can the Bitcoin and blockchain energy problem be solved – Further reading here

 

Learn more about cryptocurrency mining

 

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