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Crypto mining has now become the new source of income for PC bang owners in South Korea. The coronavirus-related restrictions, which have resulted in the shutdown of a number of gaming rooms, have forced others to seek new ways to earn money, such as mining the popular cryptocurrencies Bitcoin (BTC) and Ether (ETH), to keep their businesses afloat during the lockdown.
Operators of PC bangs, which is the popular term for PC gaming rooms in South Korea, have found a new way to survive while waiting for the reopening of their businesses to the public. Using their high-end PCs with top-notch graphic cards, some gaming shop owners in Seoul have temporarily opted to convert their equipment into mining rigs for Ether, according to Bitcoin.com.
For instance, Kim, a 34-years-old PC bang, realized early on that the decreasing number of customers during the pandemic won’t generate enough revenue to keep his shop afloat. To solve his cash flow issue, Kim opted to convert 36 computers into mining rigs for ETH.
The gamble paid off as Kim’s income from ETH mining reached 3.5 million won, or around $3,153, in just two weeks of operations. The cold winter weather also helped him lower down his power bill. The power rate for PC gaming rooms in South Korea is higher than the rate applied for home use.
However, crypto mining in South Korea might soon be facing a challenge. One potential issue is the rising cost of graphics cards, which could increase the cost of setting up a mining rig, making the operation less profitable.
It is yet unclear when businesses will be allowed to reopen. South Korean Prime Minister Chung Sye-Kyun said that while the vaccination campaign is a bit slow, the government is still confident that the country will reach herd immunity by autumn this year.
