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Asia, cafe internet, China, Chinese cryptocurrency, Chinese mining farm, Covid economy, COVID-19, cryptocurrency mining, cryptocurrency mining, Ethereum (ETH), mining facilities, PC Bangs
The coronavirus pandemic has driven people to use new business areas to deal with the economic crisis, and cryptocurrency is once again making headlines. After the temporary closure in 2020, Chinese Internet cafe owners are using their facilities to build crypto mining farms.
Sina.com cited a recent report that nearly 13,000 Internet cafes that operate 24 hours a day rely on their high-end computers to mine digital assets because their PCs were originally designed for gamers.
Some of them claim that they can earn more than 40,000 yuan (US$6,200) in virtual currency per month.
The report pointed out that some owners even use 200 computers for mining operations. Wang Xi, a proprietor of Chinese Internet cafes, commented that his business attendance rate is still “not high.”
He added: “The working day is less than 50%, and mining is done when the computer is idle.”
The owner of this cafe-based mining farm claims to have earned more than 200,000 yuan (US$31,000) since September 2020. He stated that due to its profitability, some of his colleagues turned to digital asset mining:
Due to the impact of the epidemic last year, Internet cafes have been closed for a long time, and the flow of people is not particularly large. Only recently has it improved. As far as I know, most Internet cafes in Nantong City choose to mine.
He also provided more technical details about his rig:
I have a shop computer that uses a 1060 5GB graphics card. The mining capacity is 15 MB, and the revenue per trillion US dollars is 0.8 yuan. If you calculate the number of 100 computers, your monthly income is 37,000 yuan (5,750 US dollars). The power consumption of this industry is only 0.6 yuan/kWh.
The report quoted another owner named Zhang Li as saying that “mining is definitely the best option that can be made within a limited range of resources.” Crypto mining has allowed him to generate about $7,750 a month in profit.
The strategy to deal with this pandemic-induced crisis is not the first in Asia. As Bitcoin.com News reported earlier this year, Internet cafes and Internet owners in Seoul, South Korea (known as “PC bang”) are mining ether (ETH). After the Covid-19 crisis, the impact of PCs also relies on high-end computers with first-class graphics cards.
What is your opinion on the transformation of Chinese PC cafe internet owners to crypto mining? Let us know in the comments section below.
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