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Crypto Mining: The South Koreans Are Tightening The Import Of Crypto Mining Chips

Samantha Mitchell

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Crypto Mining: The South Koreans Are Tightening The Import Of Crypto Mining Chips

Importing Mining Chips Is Getting Harder

Following the huge influx of mining chips over recent months, the Korean Customs Service has now implemented stricter rules on the import of these chips. This will make it harder for the Cryptocurrency miners in South Korea to get these internationally produced chips sent into the country.

The Korean Customs Service has now listed mining chips as an item, which needs to meet their regulations before they are released into the country. The chips will be scrutinized against current laws as well as safety and sanitization certifications before they are allowed into South Korea.

These new rules have been implemented following the upsurge in imports recently. It has been reported that in November and December 2017, approximately 1.3 billion Korean Won ($1.2 million) worth of mining chips were imported into the country. The Korean Customs Service stated that this amount was spread through 454 imports of mining chips.

Why The Changes And Concern?

As is well documented and known, the industry is still very much unknown, and suppliers / providers are being very cautious because of this simple fact. The South Koreans are just being careful at the moment and ensuring that nothing untoward happens to the mining machines once they have entered the country. There is a large amount of power consumption and heating required to run these machines, and the Korean Customs Service will be double checking everything to alleviate any possible fires from breaking out around the country as a direct result of mining. This is even more important when you consider that there is very little known about just how much power is required to run these machines.

Going forward, there will be strict examinations of mining machines whenever they enter the country. Safety will be the main area of concern and machines will be assessed based on the laws of the importation of electronic goods. The laws were implemented and are governed by the National Radio Research Agency.

There is widespread worry that illegal mining activities will raise electricity costs in the country and increase the risk of fire if not controlled well. Again this is very much an unknown. Both the public and private sectors have shared their worries and are now working hard to restrict illegality. This is certainly a hot topic for the South Korean Police who have already arrested 14 individuals from 13 companies for accessing cheap power to mine Cryptocurrencies. This was further to the banning of mining Cryptocurrencies inside of a building of a retail marketplace in Seoul earlier in the year. Nothing actually caught fire, but there was anxiety that something would and that the power/building would overheat.

Although South Korea is one of the first to implement such sanctions on importation, it will not be long before others follow suit. Something that must now be expected as this merging market expands. Countries and governments will continue to be attentive when it comes to mining until more about the industry and its effects are known.

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