Earning Pocket Money by Mining Ethereum at Home? ... Miners "Anxious" as Prices Plunge

Ethereum Surpasses 5 Million Won, Earning Up to 20,000 Won a Day
Miners Express Anxiety Over Possible Further Drop in Ethereum... "Anxious Because of Musk"

"I can still make some pocket money."

Kim Yongjin (26, pseudonym), who lives in Nam-gu, Gwangju Metropolitan City, started using his unused computer to mine the cryptocurrency Ethereum since the end of last month while preparing for employment. The total amount of Ethereum mined per day is 0.0032, and when the price surged, he earned up to 17,000 won. However, as the price recently dropped, even earnings in the 10,000 won range have become unstable. Kim said, "I am mining with the belief that Ethereum will eventually rise, but the situation is uncertain," adding, "I doubt whether I can reach profitability as planned."

Recently, ‘home miners’ attempting to mine Ethereum at home have appeared. This is because they judged that mining directly would be profitable in the long term as Ethereum surged earlier this year. However, as the cryptocurrency market plunged, they began to express anxiety.

Home miners said that even considering the initial mining costs, they easily made profits during Ethereum’s surge. Kim Seokyoung (23, pseudonym), who started mining at the end of last year, said, "The mining rig cost 4.5 million won, and the monthly electricity bill is in the low 100,000 won range," adding, "When Ethereum surged to 5.4 million won earlier this month, I earned up to 20,000 won per day."

However, the situation reversed as the cryptocurrency market stagnated recently. On the 19th alone, Ethereum dropped 20.33%, falling from the 5 million won range to as low as 2.6 million won at one point. Consequently, the amount earned from mining also decreased. When Ethereum was at 2.6 million won, a desktop mining 0.0032 Ethereum per day could earn about 8,000 won daily, requiring 562 days to reach profitability. Considering electricity costs, even more time is needed.

The price of mining rigs is also on the rise. This is because interest has grown as Ethereum prices surged this year. In fact, assembly PC companies are selling mining rigs for 6.5 million won. This is about 2 million won higher compared to the end of last year. Kim Seokyoung (23, pseudonym), who has been mining Ethereum since the end of last year, said, "I needed another mining rig and checked the price, but it has increased by about 2 million won compared to when I bought it last year," adding, "People say prices will get even higher, but even now, it’s a price I can’t afford."

The problem is that the cryptocurrency market may fall further. Various countries are attempting to regulate the cryptocurrency market. The U.S. Department of Justice and the Internal Revenue Service investigated Binance, the world’s largest cryptocurrency exchange, for tax evasion and money laundering, and Inner Mongolia in China has started cracking down on cryptocurrency mining. Additionally, the market is being disrupted by Elon Musk, CEO of Tesla. Jo Yonghyun (30, pseudonym), who started mining this year, said, "I feel anxious every time CEO Musk posts on Twitter," adding, "I just hope it doesn’t fall any further."