Home
News
- The internet cafes in Ho Chi Minh City (HCMC) are diverting their attention to cryptocurrency mining
- Various gaming parlors of the city recently shut down due to the pandemic
- The switch from gaming to mining cryptocurrency is extremely simple
One can earn cryptocurrency through the distinctive process of mining without the need to invest any money into it. Bitcoin miners collect rewards in the form of Bitcoin for finishing blocks of confirmed transactions that join the platform of blockchain.
The sudden switch to cryptocurrency mining
Recently, the internet cafes in Ho Chi Minh City (HCMC) are diverting their attention to cryptocurrency mining to obtain higher profits. This is the clear outcome of the ongoing economic situation as the pandemic has put normal operations on halt.
A gaming cafe’s owner in District 3, Dinh Thi My Le, stated that she had to shut down her business following a social distancing instruction in HCMC last week.
She further added that, in the same period, she observed a consistent rise in the value of Bitcoin. Thus, her friends suggested that she should switch to cryptocurrency mining as machines were likely to encounter technical errors if they stay static for too long. She claimed that her cafe was one of the first in the city to bring forward access to the supreme-quality RTX 3080 graphic card.
The comparison in benefits received
Dinh also explained that everything she digs is sold within the same day. The benefits, thus, depend on the values of the cryptocurrency. However, they are better than the output from her usual business.
She reported that a gaming cafe with a hold on 25 computers can pitch in about VND3 million ($130) per day through the process of mining cryptocurrency. Meanwhile, the standard gaming business brings in about VND2 million. If the computers hold access to influential graphic processing units, the profits can rise too.
The insiders of the computer technology industry stated that the price of graphic cards witnessed a dramatic surge during Tet. It happened because of the impacts of the ongoing pandemic along with the proceeding Bitcoin fever all around the world. Value of RTX 3080 card is around VND30 million as of now.. However, its supply still falls very short of the demand.
The switch from gaming to mining cryptocurrency is extremely simple. Dinh explained that it needs only two additional software and nothing else. She added that since they already own the machines, the main cost accounts just for the electricity incurred. If the power is cheap, the profit ensured is higher.
The value of Bitcoins struck a significant record of $52,000 this Wednesday. However, the analysts are still warning the market regarding the sustainability of these prices and the escalated volatility attached to them.
