27 Aug Cryptocurrency miners dream of rebound after crash
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SURROUNDED by the cryptocurrency mining “rig” that is taking over his bedroom, “Ali” lays bare the risks of his trade, revealing his profits “are a tenth of what they were”.
Prices of cryptocurrencies have plunged since the heady heights of last year, slashing the profits of miners such as Ali.
“This is the worst possible time to invest,” the young Lyon native, who preferred to keep his name secret, told AFP.
Ali still ekes out a profit and has amassed enough reserves to absorb around six months of losses, but the days of generating 15,000 euros ($23,780) profit per computer seem long gone.
He acquired his first rig, an assembly of six graphics cards, in January 2017, and was just about to buy his seventh.
This investment totalled around 13,000 euros ($20,610), soon paid off with his initial gains.
But the cryptocurrency boom at the end of 2017, of which bitcoin was the best-known example, has multiplied the number of miners.
Many virtual currencies require that machines…
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