Koreans are too crazy! Internet cafes have become "mining" machines: earning 1 million won a day

In 2010, one Bitcoin was worth $0.0025, which is less than one cent in RMB.

Ten years later, in 2021, the price of Bitcoin exceeded $58,000.

As the most well-known virtual currency, Bitcoin has attracted countless adventurers since its birth. The adventurous Koreans will not miss this opportunity, and their craziness is far greater than that of the Chinese.

Affected by the epidemic, offline physical businesses in South Korea have been severely hit. Internet cafes, as crowded places, are naturally the first to be hit, and many Internet cafes have been forced to stop operating. As the price of Bitcoin has risen and fallen, many Internet cafes in South Korea have joined the "mining industry".

Taking a Korean Internet cafe with 200 computers as an example, if it mines for 15 hours a day, it can make a profit of at least 1 million won, or about 5,800 yuan, which is much higher than the operating income of many Internet cafes during normal periods.

According to Korean industry insiders, even though the epidemic is now under control, about 20% of Internet cafes in South Korea have switched to "mining" operations .

In addition to Internet cafes turning to mining, many Korean software companies have also transformed themselves to provide cheap "mining" programs and solutions. It is also under this trend that even though the price of best-selling graphics cards in Korea has more than doubled compared to September last year , they are still in short supply!

In addition to "mining", an industry that has emerged in recent years, Koreans are also extremely keen on stock trading!

According to a report by mobile data tracker App Annie, as the pandemic hampered offline engagement, Koreans spent a lot more time on financial apps last year, with the top five financial apps in South Korea growing 120% year-on-year .

South Korean retail investors are indeed crazy! Despite Seoul regulators' warnings to retail investors, a large number of them are still willing to invest in the stock market even if they choose "reckless lending". In January alone, South Korean individual and institutional investors bought a net amount of US$5 billion in foreign stocks.

It is inevitable that retail investors in South Korea are being ripped off, and there are also occasional protests by retail investors who have suffered losses. But despite the frequent rip-offs, Koreans still "enjoy it", and even more and more young Koreans are participating.

An increasing number of South Korean retail investors are teenagers or even younger, accounting for more than two-thirds of the country's total stock trading value, compared with less than 50% in 2019. Do you feel that the recent "fund fever among young people" in the country is very similar to this!

Investing is actually gambling. As long as you sit at the gambling table , there will always be people who get rich overnight, but there are more people who lose everything. However, Koreans, as "adventurers", do not seem to understand this truth.

South Korea

Bitcoin

Stock Investment