Home Crypto mining rises amid record-high unemployment in Brazil

With rising unemployment rates and widespread economic uncertainty, in the aftermath of the Covid crisis, more and more Brazilians are finding an alternative source of income in cryptocurrency mining. GPU platforms have even been seen in slums as a relatively small investment can bring in more than the average salary in Brazil. Pandemic and uncertainty are driving more Brazilians to switch to cryptocurrency mining The ongoing coronavirus epidemic has dealt a heavy blow to Brazil, and the country is one of the most affected countries with over 450,000 deaths from Covid-19. South America's largest economy shrank by more than 4% in 2020, leading to record high unemployment for almost a decade – 14.3 million citizens are unemployed, the National Bureau of Statistics announced earlier this year. Low or no salaries, combined with the bleak economic outlook, prompted Brazilians to find new ways to make a living. According to a recent report by Portal do Bitcoin, an increasing number of people in the country are turning to crypto mining as an alternative source of income. Government data confirming the trend, showing an increase in hardware imports and electricity consumption. Profitability varies by scale, but a 34-year-old student from Piumhi helped the crypto newsroom gain insight into the home mining economy. Expedito Felipe began printing Ether (ETH) in January "to increase revenue, diversify" by investing 47,000 real (about $ 9,000) in equipment. He earns 3,000 to 5,000 reals (about $ 600 – $ 900) per month and spends only about $ 100 on electricity. In the absence of exact figures, it is difficult to accurately estimate the true dimensions of Brazil's home mining activity, but indirect indicators suggest it has been successful. Several Facebook groups with large memberships spread information on technical aspects, while YouTube videos on the topic gathered hundreds of thousands of views. According to some social media posts, the towers

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