South Korea has become increasingly aware about the general safety of its people. The inadequate mining hardwares used in the country which constituted about $1.2 million USD, has been seized by the authorities. The country has now decided to import the mining equipments in order to prevent any accidental malfunction.
Why did the authorities take such decision?
The custom division of South Korea has now decided to import the mining goods from abroad. The existing mining hardwares were inadequate in ensuring the safety of the people since huge amount of uncontrollable heat was generated by the machines. Hence, the department has brought new changes in the customs clearance system in order to lessen the threats that poorly constructed goods impose. The authorities have publicly stated that 292 point clearance system has been introduced and this has resulted with increase in the number of clearance goods to 7,382.
The effectiveness of 454 mining rigs were utterly questionable and last year, the authorities seized the rigs which were priced at about $1.2 million USD, since the uncontrolled heat generated by the machineries were posing immense threat to the public health.
Safety and security ensured:
South Korea belongs to one of those countries that has always been active when it comes to cryptocurrency. The Crypto volatility of the recent months has made the miners reckless to cash in and some have chosen to use cheap electricity to earn the coins. In the early April, 14 Koreans from 13 companies were found stealing power from various industrial outlets. As per reports, 100-350 mining operations were conducted by the companies to dig for the Digital coins. The miners were hence able to access the electricity at a much cheaper rate than they should actually get. The companies will now be heavily fined; a lot more than they saved by conducting the criminal offences.