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Crypto adoption has surged in South Korea as the rising prices of popular digital currencies such as Bitcoin(BTC) and Ether (ETH) make them increasingly attractive to investors. Unsurprisingly, the country’s crypto miners have likewise ramped up their activities as data revealed the rise in cryptocurrency mining rig imports in recent months.
Custom officials in Incheon reported a rise in crypto mining rig imports in recent months, according to Bitcoin.com. Aside from being one of the biggest ports in South Korea, Incheon is also its most prominent air terminal.
Incheon Headquarters Customs have intercepted 41 shipments of mining rigs from October last year to January 2021. While the number of shipments involving crypto mining hardware for the four-month period might not be as high compared to other countries, it must be noted that there was only one case of crypto mining hardware interception for the entirety of 2019.
One explanation for the surge of imports put forth is that cryptocurrency prices plunged in 2019, which made mining less lucrative and, therefore less attractive. However, the recent crypto market rally, which saw Bitcoin and Ether set new all-time highs made mining a very profitable enterprise once more.
However, customs authorities stressed the need for crypto miners to properly file declarations and pay taxes for hardware imports. While mining rigs worth $150 or less can be considered “for personal use,” officials warned that those who abuse that provision to escape taxes could be violating the Customs Act.
“To avoid paying customs duties, if you falsely report the product name, price, and quantity, or distribute it under the names of several people, you may be punished for violation of the customs law,” a customs official told the local news outlet Kyungin Ilbo.
While there are no massive crypto mining operations in South Korea, a new trend has developed during the pandemic’s lockdown period. Some of the country’s PC gaming centers have turned to crypto mining as an alternative source of income as shops were hit with low traffic due to the Covid-19-related restrictions.
While waiting for the reopening of their businesses to the public, operators of PC bangs, which is the popular term for PC gaming rooms in South Korea, have opted to convert their equipment into mining rigs for Ether. The transition can be lucrative as one operator reported to have earned as much as 3.5 million won, or around $3,153, from just two weeks of mining operations.
