Crypto General News

14 Arrested in South Korea for illegal Bitcoin Mining

The authorities in South Korea have arrested 14 operators who were involved in an illegal subsidized Bitcoin mining which was reported by Local media outlet Yonhap on 1stApril.

These 14 were suspected of running a Bitcoin Mining setup using electricity which was unfairly subsidized since May 2017, reported by Yonhap.

A total of 13 companies which were using almost 350 mining machines to mine Bitcoins with an electricity discount of 10{500c8cf8dace8cda8a572d0723319db30d7ae9c572e69fb9e7726ed8fdae7ee9}.

Yonhap reports  “These companies were found to be able to use electricity at a price 10{500c8cf8dace8cda8a572d0723319db30d7ae9c572e69fb9e7726ed8fdae7ee9} lower than that charged for general purposes, as well as rent factory space at a low price.”

Meanwhile, the arrested miners will not be facing any major punishment and will get away with some fines.

About Bitcoin Mining

Bitcoin mining is a process where miners find a key to the block and get a reward for the computational effort they put. As of writing, this article miners receive rewards of 12.5 Bitcoins for every block it mines. These blocks are built on top of each other by forming a chain. A ledger of the past transaction is known as Blockchain and every transaction which has taken place has been recorded in this ledger.

About the author

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John Mathhew

John Mathhew – The content head at Bittflex, he has done her PHD in English literature and masters in finance as well, he was introduced to the blockchain and crypto industry during her college time spending hours searching over the internet and was extremely fascinated and then took on the pace and started writing her own finance and crypto blogs. He has all the information on the subject we required and her writing skills are just fantastic. He really expresses herself beautifully through each and every article he delivers.

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