The Korean Customs Service has added cryptocurrency mining {hardware} to its record of things required to fulfill security necessities to be able to be imported into the nation. The announcement comes following a $1.2 million USD seizure of mining {hardware} in latest months, prompting considerations over the potential for poorly manufactured {hardware} to extend fireplace dangers throughout the nation.
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South Korea Announces New Regulatory Apparatus Regarding Safety Requirements on Imported Goods
Cryptocurrency mining {hardware} has been focused underneath the brand new system, owing to a notion that poorly manufactured {hardware} could pose an elevated threat of fireside as a result of giant quantities of warmth discharged in the course of the mining course of.
Korean authorities have pointed to 454 cryptocurrency mining rigs that have been detected by the Korean Customs Service throughout late final 12 months, which had an estimated worth of 1.three billion KRW (roughly $1.2 million USD) – describing as being illustrative of the size of demand for mining {hardware}, in extra to the chance potential posed by mass distribution of unregulated equipment that emits important warmth.
Mining Mania Hits South Korea
At the beginning of April, fourteen Koreans from 13 completely different corporations have been caught illegally stealing utilizing energy from varied industrial complexes in South Korea. Local experiences have alleged that since May 2017, between 100 and 350 mining rigs have been operated at every of the accused corporations for the needs of cryptocurrency. By misrepresenting their mining actions as day-to-day enterprise operations, the miners have been in a position to entry backed electrical energy at a 10% discounted value when in comparison with basic use costs. The corporations are anticipated to obtain fines from Korean police.
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