[02-04-2018] South Korea Police Arrest 14 People Using Cheap Electricity To Mine

[bitzamp.com]

South Korea Police Arrest 14 People Using Cheap Electricity To Mine Cryptocurrencies illegally
Gwangju Metropolitan Police Agency said on Sunday it had detected 14 people from 14 companies using cheap electricity to mine cryptocurrencies illegally at industrial complexes in South Korea and they have been arrested by police without permission.

Also Read: Bitcoin Mining Poses Little Threat To UK’s Electricity Supply

Companies that organize mining operations in these regions are charged 10% lower electricity than those in general regions, as well as lower rents.
According to a report by the Yonhap news agency, the allegedly illegal mining activities were discovered in the various complexes of the city of Gwangju, in the south-west of the

Read More: https://bitzamp.com/south-korea-police-arrest-14-people-using-cheap-electricity-to-mine-cryptocurrencies-illegally/

[1715629940]

1715629940

[kevoh]

Cryptocurrency (bitcoin) mining has always been an expensive activity. If you are going to mine and make money while contravening the laws of the country then be ready to face the music.

[CryptoBry]

They should really be stopped for doing something not allowed by law in that area. I think stories like this can be common in the coming months as Bitcoin or cryptocurrency mining can still be profitable despite the slump in the Bitcoin price. In my view, we should be doing things above board as the law enforcers these are already aware of this whole thing. Exploiting an opportunity not allowed by law is something we should be avoiding.

[dE_logics]

They should really be stopped for doing something not allowed by law in that area. I think stories like this can be common in the coming months as Bitcoin or cryptocurrency mining can still be profitable despite the slump in the Bitcoin price. In my view, we should be doing things above board as the law enforcers these are already aware of this whole thing. Exploiting an opportunity not allowed by law is something we should be avoiding.

I don't see the problem if the price of electricity is cheaper in that area. They weren't stealing electricity. The only problem is that apparently they reported different activity. They should simply tell by the truth that they are doing bitcoin mining.

[ASHLIUSZ]

Without electricity mining is impossible and the same is the one that value the profit from mining. Large scale miners have equipped electricity production units which makes mining more profitable. Right now more users who are small scale miners won't be profiting because of the price dump and the same makes them focus towards usage of cheap electricity in a illegal manner.