Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Overheating cryptocurrency mining equipment has led to another significant fire in South Korea, according to emergency services in North Jeolla Province.
As reported by the news agency Yonhap, the incident occurred in the city of Muju. Fire service officials stated that the fire caused damage amounting to $17,345.
Overheating Crypto Mining Equipment Caused Fire – Police
Authorities also provided details about the event, noting that the fire ignited at “approximately 4:28 am on January 30.”
They indicated that the incident took place at a residence in Muju County. Fire service professionals reported that they managed to extinguish the fire “within 20 minutes.”
Muju County (red) in North Jeolla Province (dark gray) on a map of South Korea. (Source: Dmthoth [CC BY-SA 3.0])
They added that the fire affected a 32㎡ section of the house and destroyed “seven cryptocurrency mining machines.”
Both police and fire service officials indicated that they suspect the fire was due to an “overloading of mining equipment.”
However, they mentioned that they are still investigating “the exact causes of the fire.”
The Jeonbuk (North Jeolla) Fire Service released a photograph taken at the scene, showing what appears to be a fire-damaged metal storage unit.
Source: Jeonbuk Fire Service
On its shelves, several severely burned crypto mining rigs are clearly visible.
Related Posts
Fire Hazard for Miners?
This incident follows a similar occurrence about six months ago, where 110 rigs were destroyed in a fire in the South Jeolla Province city of Jeonju.
The fire reportedly erupted in a building located in the Samcheon District of Jeonju’s Wansan Neighborhood.
Firefighters at that time reported that only about 30 of the machines were operational when the fire broke out.
Rescue teams were able to extinguish the fire in just 50 minutes. However, the blaze reportedly devastated an area of 33㎡ and destroyed all 110 mining rigs.
The Jeonju fire department stated that the fire “caused property damage” estimated at “over 9 million won [$6,236].”
More than one-third of Korean children with work experience began working before the legal age of 15, with one in 10 starting as early as before 13, a recent report revealed, prompting calls for improved monitoring of illegal child labor and working conditions.…
— The Korea Herald 코리아헤럴드 (@TheKoreaHerald) January 30, 2025
Crypto Mining Challenges in South Korea
Cryptocurrency investment is extremely popular in South Korea, where hundreds of thousands of residents trade coins regularly.
However, the country lacks any significant large-scale industrial crypto mining operations. Much of this can be attributed to the high costs of electricity and gas in the nation.
Residential gas prices have increased by nearly 25% in recent times. While the Korea Electric Power Corporation announced it would freeze residential rates in October 2024, it also revealed a 9.7% increase for commercial users, as reported by the Korea Times.
The post Overheating Crypto Mining Rigs Blamed for Another South Korea Fire appeared first on Cryptonews.
