South Korea Arrests 14 On Suspicion Of Discount Bitcoin Mining
14 people have found themselves in police custody after South Korea shut down illegal mining operations using cheap power since May 2017.
As Yonhap reports, police arrested 14 people suspected of running Bitcoin mining setups using unfairly subsidized electricity since May 2017.
A total of 13 companies were complicit, each using up to 350 machines to mint bitcoins with an energy discount of 10%.
“These companies were found to be able to use electricity at a price 10% lower than that charged for general purposes, as well as rent factory space at a low price,” Yonhap continues.
The events underscore what continues to be a sore point for jurisdictions around the world regarding cryptocurrency miners.
China has significantly scaled back its previously buoyant subsidized mining market, while South Korea continues to push forward with regulatory changes affecting various spheres of the cryptocurrency industry.
The arrested miners meanwhile appear not to be facing significant punishment, with fines on the horizon, according to Yonhap.