South Korean Energy Company to Audit Companies Suspected of Mining Cryptos

KEPCO, the South Korean state energy company, announced that it would start overseeing and auditing companies that it suspects of using industrial and agricultural electricity for cryptocurrency mining. According to Seoul Kyungjae, the power supply distributed for both industries are cheaper than the electricity used for general use.

Authorities are concerned about the increasing use of crypto mining powered by cheap electricity because it Leads Leads Leads or lead generation are an essential component of marketing and powerful tool by brokers. In its simplest form, leads can be defined as the outreach of customer interest or enquiry into products or services, most often associated with brokerages.These can be created for purposes such as list building, e-newsletter list acquisition, or for sales leads. Amongst marketers, such lists are one of their most important assets and instrumental to sales.There are a variety of methods for generating Leads or lead generation are an essential component of marketing and powerful tool by brokers. In its simplest form, leads can be defined as the outreach of customer interest or enquiry into products or services, most often associated with brokerages.These can be created for purposes such as list building, e-newsletter list acquisition, or for sales leads. Amongst marketers, such lists are one of their most important assets and instrumental to sales.There are a variety of methods for generating Read this Term to a significant deficit in the incomes of KEPCO, as the mining farms run 24 hours a day. “We have started a field investigation targeting customers who use electricity a lot among agricultural and industrial customers, and the related investigation will be conducted by the end of this month,” a KEPCO official said on the matter.

In fact, electricity spent for industrial and agricultural purposes is subsidized mainly by the government. However, KEPCO believes there are suspicious people secretly mining Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term by using subsidized power. But, this is not the first time that the state-run energy company is launching a crackdown on the illegal usage of electricity for crypto mining.

Previous Crackdowns

In 2018, KEPCO found that 38 companies used industrial and agricultural power to run digital asset mining, leading to multiple investigations and fines for about 500 million Korean won. The crackdown was possible due to a survey conducted by the company, which spotted a sudden surge in the electricity rates and irregular patterns in the usage of the power.

Furthermore, KEPCO officials are concerned that crypto mining farms could lead to overload power systems, and eventually, it can affect transmission and distribution that end on a blackout. “Recently, as the value of a virtual currency rises, the amount of electricity used in violation of the contract seems to be increasing. If caught, a penalty may be charged by adding a penalty to the unfair profit, and if the penalty is not paid, the power can be cut off,” a representative from the energy company added.