14 People Arrested For Using Subsidized Power For Mining In South Korea

South Korean authorities arrested 14 people for using subsidized power to mine cryptocurrencies yesterday in different industrial complexes on the country, according to a report by the local newsletter Yonhap. The individuals were using computers located in different enterprise complexes to mine cryptocurrencies using cheap industrial power.
The fourteen individuals detained had 100 to 350 computers mining illegally in those businesses complexes. In South Korea, mining is not an illegal activity; what is illegal is to use the subsidized power (around 10 percent cheaper than normal price) for other tasks not declared by the business to the government. The industries were located in different industrial countries: Six in Hanam, three in Nano, three in Pyeongdong and one in Jeongok.
The police also notified these businesses about these violations and will most likely issue some hefty fines. The police did not comment on how they were able to detect the mining operations, but most likely they were monitoring power spikes in the network to spot cases like this one. South Korea is one of the countries were cryptocurrencies are more popular in the world, and has a vibrant community of crypto-enthusiasts and miners inside its borders.
A study published last month, made by the electrical company EliteFixtures, calculated the prices of mining a bitcoin in every country in the world; results for South Korean costs were not cheap. To mine a bitcoin there, you would spend $26,110 only on power bills. We are unsure of what cryptos were the criminals mining, but we can take bitcoin as a comparison point. So, being this one of the countries where power is more expensive, we suspect that these kinds of crimes will keep happening in the near future; much more now, that we are facing a slump on the cryptocurrencies market, and no one knows when will it end.

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