Editor's Picks News

70-80% of South Korean miners went offline in 2018

Chinese state television has tried to calculate the losses incurred by South Korean companies in the cryptocurrency bear market in 2018, while Financial Channel (CCTV-2) released a report detailing the challenges faced by Korean miners. According to a report last bearish trend was exacerbated by the fact that due to the falling profitability of mining on 97.5%, resulting in 70 to 80% of South Korean miners curtailed their activities.

In the report, Chinese television there is an interview with the operator of the South Korean mining farm, which purchased approximately 1,000 mining-installations for the production of ether, when the prices in January of last year were approaching record high levels.

Estimated Financial Channel, in the beginning of 2018 the cost of mining one of the ether was approximately 214 000 Korean won (KRW) or about $190, adding that in emerging markets alithinou, in mid-January, ETH will trade for 2 350 000 KRW or about $2 090 (meaning a course at the local Korean markets, while the average rate of the air at this time was about $1 370).

Despite the exorbitant profits that the miners received from the sale of the mined cryptocurrency, while prices hovered around record highs in the beginning of 2018, the statement notes that four out of every five South Korean mining-fer, working in the early years, has since closed.

“As far as I know, 70 to 80 percent of the mining farms ceased operations, and many even declared bankruptcy,” said miner.

Financial Channel adds that the problems faced by Korean miners, compounded by a sharp fall in the price premiums for cash in South Korea — the so-called “premium kimchi” — from 40% in early 2018, to just 1% today.


Related posts

Experts: JP Morgan cryptocurrency can be the beginning of the end Ripple


The Belgian organization Watchdog updates the black list of crypto sites


Dubai International Financial Centre and Mashreq Bank Launch Blockchain-Based KYC Platform for Licensed Business in the Region