Bitcoin News and Finance
Chinese Internet Cafe Owners Deal With the Pandemic Crisis by Using Their Facilities to Mine Cryptocurrencies Skip to main content

Chinese Internet Cafe Owners Deal With the Pandemic Crisis by Using Their Facilities to Mine Cryptocurrencies

Chinese Internet Cafe Owners Are Dealing With the Pandemic Crisis by Using Their Facilities to Mine Cryptocurrencies

The Coronavirus pandemic has driven people to take advantage of new business lines to deal with the economic crisis, and cryptocurrency is once again a headliner. Internet cafe owners in China are using their facilities to set up crypto mining farms after temporarily shutting down in 2020.

Owners Are Earning Around $6,200 Monthly

According to Sina, quoting a recently published report, almost 13,000 internet-fueled cafes that operate 24 hours a day, are depending on their high-end computers to mine digital assets, as their PCs were originally conditioned for gamers.

Some of them claim to earn over 40,000 yuan ($6,200) worth in virtual currencies on a monthly basis.

The report states that some owners are even using 200 computers to run mining operations. Wang Xi, a Chinese internet cafe proprietary, commented that the attendance in his business is still “not high.”

“Working days are less than 50%, and mining is done when computers are idle,” he added.

The cafe-based mining farm owner claims to have earned over 200,000 yuan ($31,000) since September 2020. He stated that some of his colleagues turned to digital asset mining because of its profitability:

Due to the impact of last year’s epidemic, Internet cafes were closed for a long time, and the flow of people was not particularly large. Only recently has it improved slightly. As far as I know, most Internet cafes in the entire Nantong urban area have chosen to mine.

He also provided further technical details on his mining rig:

I have a shop computer that uses a 1060 5GB graphics card. The mining power is 15 MB, and the income per trillion is 0.8 yuan. If you calculate the amount of 100 computers, the monthly income is 37,000 yuan ($5,750). The electricity consumption in the industry is only 0.6 yuan/kWh.

South Korean Internet Cafe Owners Are Also Profiting From Crypto Mining

Another owner quoted by the report, Zhang Li, who talked under a pseudonym, believes “mining is definitely the best choice that can be made within the scope of limited resources.” Crypto mining already allowed him to yield profits of around $7,750 monthly.

This maneuver to deal with the pandemic-driven crisis is not the first-of-its-kind in Asia. As Bitcoin.com News reported early this year, cafe internet owners, known as “PC bangs,” in Seoul, South Korea, are mining ether (ETH). The PC bangs are also relying on highly-end computers with top-notch graphic cards in the wake of the Covid-19 crisis.

What are your thoughts on Chinese PC cafe internet owners turning into crypto mining? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory