COVID Forces Chinese Internet Cafes to Turn into Crypto Mining Hubs

Source: Adobe/stasstepanov

Chinese web cafe homeowners are turning their companies into crypto mining facilities as social distancing measures proceed to chew within the Middle Kingdom.

According to The Time Weekly, via Sina, an enormous variety of the 24-hour web cafes, created primarily for PC players, closed down in 2020 – when the coronavirus pandemic pressured companies to shut their doorways. Almost 13,000 web cafes might have shut consequently final yr, the media outlet claimed, quoting statistics from the info compiler Tianyan Check.

A restaurant proprietor in Nantong, Jiangsu, claimed that his financial institution of 200 gaming computer systems have been now mining tokens, and have been now working 24 hours a day, incomes him over USD 6,210 price of crypto a month. The man said that he had remodeled USD 31,000 from mining since September – and added that the homeowners of “most web cafes in Nantong” had additionally turned to mining throughout the pandemic.

Another cafe proprietor in Zunyi, Guizhou Province, has had such a worthwhile pandemic that he has boosted the scale of his fledgling empire by shopping for a brand new gaming room that he has transformed into a mining suite. The man said that he now owns three web cafes, two of which are actually devoted totally to mining crypto – serving to him rake in nearly USD 7,800 a month.

Chinese media studies have claimed that in close by South Korea, some 20% of the nation’s PC bang (PC gaming rooms) are actually mining crypto – a phenomenon additionally reported on by

Internet cafe homeowners in China defended their choice to push forward with crypto mining operations, telling The Time Weekly that they might not hope to flip a revenue except they have been over 80% full all day (and night time) lengthy. The pandemic signifies that now they’ll solely ever realistically hope to be half full.

Regardless, some homeowners claimed that they hoped to return to the times when their cafes have been filled with players as an alternative of computer systems silently mining crypto. One said that “clients will nonetheless generate extra income than mining income, due to the truth that they usually purchase snacks meals and different items from our counters.”
Learn extra:
– Bitcoin Mining Difficulty Hits an ATH As Miners Send Bullish Signs
– Russian Crypto Miners Brace for Computer Chip Crisis Fallout

– A Closer Look on the Environmental Impact of Bitcoin Mining
– Bitcoin Mining in 2021: Growth, Consolidation, Renewables, and Regulation

Recommended For You

About the Author: Daniel