How Mining Cryptocurrency Helped Keep Lansing Business Afloat
We've been hearing so much about cryptocurrency lately and people trying to convince others of the benefits of cryptocurrency. If you've been curious, let this guy be the proof!
What is "Mining" Cryptocurrency
Basically, the "dummies" definition describes it as "adding more bitcoins to the digital currency ecosystem."
"All the additional bitcoins have to be generated through a computational process called mining," they say. "You do it by letting your computer hardware calculate complex mathematical equations, which can be done at any given time of the day."
By doing this, you get a percentage of the profits.
How Did It Help A Lansing Business Owner?
Well, being able to make money off "crypto-mining" is a lot easier when you already have the equipment to do it and, according to FOX 47, that's exactly what happened at Fyber Gaming & Computer Repair in Lansing.
Chris Williamson, the owner, explained how the business is a place full of gaming computers and after opening in November of 2019 only to be shut down in March due to COVID restrictions and had to come up with a solution.
Williamson then had an "epiphany" and realized he could put those 26 empty computers to good use by using them to mine for crypto.
"Using 26 computers, 24 hours a day," FOX 47 reports. "Williamson says he is making $50 - $100 net profit daily."
Fyber Gaming Leaves Their Doors Open
With profits like that (and some help from some grants), FOX 47 says Williamson was able to keep paying the bills.
However, not everyone can just casually take up mining and expect the same result as Williamson explained to FOX 47:
"If you have the equipment right now, I mean, why not mine? But I wouldn't go out and purchase hardware explicitly for the purpose of mining and expect to make a profit off of this."
To get more into the specifics such as the program Williamson used and what more went into it, CLICK HERE.