South Korea: Mining Fever Vs Electricity Breakdown
Welcome to the New Year!
Welcome to the magic world of bitcoin!
Remember the opening song as Seven Dwarfs appearing in the Disney’s old movie Snow White? “We dig dig dig dig dig dig dig in our mine the whole day through, to dig dig dig dig dig dig dig is what we like to do.”
It vividly gives a resonant portrait of miners’ life in the bitcoin world, where miners are burying themselves in digging in their “gold” mine the whole day through. With the advent of “mining fever”, miners mine with their own computers were replaced by the mining rigs.
Mining fever Vs Electricity breakdown
Yongsan E-Commerce Block along Han River Road in Yongsan Seoul, is the largest integrated e-commerce block in South Korea with a total of 10 shopping streets gathering there. South Korea is a powerhouse of electronic science and technology with well-known brands like Samsung and LG, you can find Korea’s cheapest electronics there. And in the eyes of miners, Yongsan means a lot to them, as it is supposed that there may be the hub of South Korea’s mining rigs.
Mining rigs are actually computers used for mining bitcoins, generally equipped with special mining chips. While the mining is extremely harmful to the graphics card, and quite power-consuming. The cost for a mining rig has risen accordingly. The main reason for that is the price of graphics cards increase. But it does not seem to stop those mining enthusiasts.
Earlier local media reported, some shops in the Yongsan e-commerce block are rented purely for the purpose of mining bitcoin, and some even have more than hundreds of mining rigs working at the same time, directly resulting in the electricity consumption surge in the region, and even breakdowns once high-power electrical appliances like air-conditioning are started, which lays great security exposure. Finally, the administrative body there had to interfere in to make restraint, but it was not completely banned, again it cannot stop them.
Crypto hotspot Vs Tight supervision
It is ridiculed that in the bitcoin world there are only two kinds of people, the mining enthusiast and crypto coin fanatics. Koreans including students and middle-aged women are crazy to jump into the market to make quick money. Korea is home to two of the top 10 bitcoin exchanges by volume. A South Korean exchange called Coinone had ads on buses and its slogan says “Bitcoin Trading With The Safest Coinone.” At the Seoul subway stations are also ads of different trading platforms.
To halt this overheating of virtual currency speculation, the government take quick measures this month. Such induced ads above have been gradually regulated and banned since December 22 as Korean Blockchain Association released the industry regulations and clauses in mid-December. It is stated that virtual currency exchanges in South Korea can advertise its safety, but they cannot push ads that induce investors to purchase digital assets, nor can they organize promotional activities such as “membership and sending Bitcoins.” In addition to curbing advertising, South Korea’s Ministry of Finance launched the toughest regulatory measures regarding bitcoin following that. Prohibit domestic cryptocurrency exchanges from allowing users to make transactions through anonymous accounts, only accounts with real and matching identity can be allowed for deposit and withdrawals, or you may violate the law.
“We dig dig dig dig dig dig dig in our mine the whole day through, to dig dig dig dig dig dig dig is what we like to do”, the name of the opening song is “Song of Labor”, and digging bitcoins is really a hard work.
Wish all the insiders good luck!
A French proverb for them,
“Deux précaux warmieuxqu’une.” (Be cautious is always good”)