Bitcoin, Crypto Mining News

Crypto Mining Now Trending In South Korea

Crypto adoption is trending in South Korea, and current developments have been proving it.

Nevertheless, the crypto mining movement is also starting to gather interest across the nation, per the freshest stories from local media outlets.

A Single Rig Should Worth $150 ‘or Less’ to Be Considered for Personal Use.

As reported by Kyungin Ilbo, custom officials in one of the most important ports of South Korea, Incheon, are reporting a boost in mining rig hardware imports. The port is also the most prominent air terminal in the nation.

During October 2020 and January 2021, local officials from the Incheon Headquarters Customs had intercepted 41 shipments with mining rigs.

Even though the number is not very high related to other countries’ reports, in 2019, South Korea had just one case of crypto mining-related shipment interception.

Officials consider that the crypto prices plunge seen in 2019 could be the reason behind the little interest among South Korean crypto miners. 

Nevertheless, with the current bull-run, miners might be recovering the interest towards acquiring mining rigs.

But customs authorities warned that there are legal consequences for crypto miners who don’t file declarations and pay taxes. An import of mining rigs can be considered “for personal use” if it’s worth $150 or less.

Still, if the import is worth above that value and the individual doesn’t declare it correctly, they may be at the risk of violating the Customs Act. An official cited by Kyungin Ilbo said:

To avoid paying customs duties, if you falsely report the product name, price, and quantity or distribute it under several people’s names, you may be punished for violation of the customs law.

PC Gaming Rooms Are Becoming Mining Farms in the Country

Even though there are no reports of massive mining rigs operating in South Korea recently, there is a particular trend on the rise that arose during the pandemic.

Operators of the “PC bangs,” a common term used for the PC gaming rooms in South Korea, are leveraging their computers to take advantage of the pandemic-driven restrictions.

Some PC bang owners in Seoul are mining Ethereum (ETH) by relying on highly-equipped computers with top-notch graphic cards.

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