Pandemics are one of the scariest things we have to deal with on a daily basis. The fear of getting sick and having no clue what caused it, the worry of getting paranoid about others around you, and the knowledge that there’s almost no way to stop it. It’s been a big problem for years but now China has figured out a way to make it work for them. By creating a chance to mine bitcoin and other cryptocurrencies with their computers, they have essentially created the type of situation that will attract people.
Cryptocurrencies are the most hip and happening thing in the world today. The craze has spread worldwide, even going as far as China, one of the most technologically advanced country in the world. Many people are mining bitcoin there, some of whom are using internet cafes to do so. Many people in China use internet cafes to play games, usually for free, and one man found a way to use those resources to help him make money from mining.
As a worldwide pandemic devastates the population of every nation, the world has been plunged into a chaotic state that no one could have imagined. The pandemic has affected all of us in some way, whether it be the death of a loved one or the loss of a job. The devastation was worldwide, and for most, there was no escape. But for some, there was a way to escape the suffering.</pThe coronavirus pandemic has forced people to seize new business opportunities to cope with the economic crisis, and cryptocurrencies have once again made headlines. Owners of internet cafes in China are using their properties to set up mining farms for cryptocurrencies after a temporary shutdown in 2020.
owners earn about $6,200 per month
According to Sina, citing a recent report, nearly 13,000 24-hour Internet cafes use their high-end PCs to mine digital assets originally intended for gamers. Some claim to earn more than 40,000 yuan ($6,200) monthly in virtual currency. According to the report, some owners use up to 200 computers for mining operations. Wang Xi, owner of a Chinese internet cafe, noted that the number of visitors to his shop is still not high. Working days are less than 50% and mining takes place when the computers are idle, he added. The owner of a coffee mine farm claims to have earned more than 200,000 yuan ($31,000) since September 2020. He explained that some of his colleagues have switched to digital assets because of their profitability: Due to the aftermath of last year’s epidemic, internet cafes were closed for a long time and the influx was not very large. Only recently has the situation improved somewhat. As far as I know, most of the internet cafes throughout Nantong Municipality have decided to disband. He also provided additional technical details about his mining facility: I have a computer in the shop that uses a 1060 5GB graphics card. The production capacity is 15 MB and the yield per trillion is 0.8 RMB. If you calculate the amount per 100 computers, the monthly income would be 37,000 yuan ($5,750). Electricity consumption in the industry is only 0.6 yuan/kWh.
Internet cafe owners in South Korea are also making money by mining cryptocurrencies
Another owner quoted in the report, Zhang Li, who spoke under a pseudonym, believes that mining is definitely the best choice that can be made with limited resources. Crypto-mining has already earned him a profit of about $7,750 per month. This move to address the pandemic crisis is not the first of its kind in Asia. As Bitcoin.com News reported earlier this year, internet cafe owners, known as PC-bangs, are mining Ether (ETH) in Seoul, South Korea. As a result of the covid 19 crisis, PC banks are also shifting towards high-end computers with state-of-the-art graphics cards. What do you think about Chinese internet cafe owners getting into the cryptocurrency mining business? Let us know your comments in the section below.
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Asia, cybercafes, China, Chinese crypto currency, Chinese mining companies, Covid Economy, COVID-19, crypto mining, crypto currency, Ethereum (ETH), mining companies, PC Bangs Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.A new study reveals Chinese Bitcoin operations have absorbed nearly all the vacant business space in the city of Ordos in the Inner Mongolia region of China. The study, which was carried out by researchers from the US and the UK, was published in the Journal of Contemporary Asia. The seemingly odd phenomenon is believed to have occurred due to the city’s economic situation.. Read more about rtx 3080 hash rate and let us know what you think.A new study reveals Chinese Bitcoin operations have absorbed nearly all the vacant business space in the city of Ordos in the Inner Mongolia region of China. The study, which was carried out by researchers from the US and the UK, was published in the Journal of Contemporary Asia. The seemingly odd phenomenon is believed to have occurred due to the city’s economic situation.. Read more about rtx 3080 hash rate and let us know what you think.
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