Ether miners might earn a little over USD 10 a month using a video card (GPU). Miners using a machine that consumes 3,500 W pay up to USD 240 per month in Chile.
The mining of Bitcoin (BTC) and other cryptocurrencies is a profitable business in the long run, which requires patience. That seems to be the current view in Chile, where the profitability of that activity depends on various factors.
As for Bitcoin, equipment with a low hash rate generates red numbers while mining the cryptocurrency. High energy costs in Chile affect most of the older equipment.
The situation does not vary much with Ether (ETH) since the miners of that protocol could receive profits of just over USD 10 per month. That would happen with a video card (GPU), according to Bitcoin miner Hernán Maureira.
However, that does not prevent the profitability of the activity in the South American country. Although it is not enough to become industrialized, mining companies can contribute to the network while making money.
Chile Has Green Sources of Energy, but Its Rates Are Expensive
Chile is among the leading countries regarding the production and consumption of renewable energy. At least 48.3% of the electrical capacity comes from green sources, which allows it to reduce harm to the environment.
However, Chile has high electricity rates, so users must pay USD 0.36 or 300 Chilean pesos (CLP) per kWh. That amount corresponds to residential consumption of over 75 KW per hour. There are also averages of 12 US cents (or CLP 100) for the energy consumption of a company or industry.
The above characteristics make it hard to engage in Bitcoin mining from a house or apartment in Chile due to the high electricity demand. However, there is a boom in the mining of other cryptocurrencies. According to local media, up to 3,000 miners are in and around Santiago.
Prices for electricity service offered to miners can exceed USD 240 per month for equipment that consumes 3,500 W. In El Salvador, some miners pay USD 450 for operations with 5 megawatts (MW).
How Much Cryptocurrency Miners Earn in Chile
The profitability of cryptocurrency mining depends on the machines used, as in most countries. Using powerful equipment would boost earnings to around USD 300 a month, according to the calculations of Maureira.
Miner incomes are in the same range in other nations in the region. For example, in El Salvador, the activity generates between USD 300 to USD 1,000 with state-of-the-art equipment.
In contrast, in Mexico, mining can make profits of USD 2,800, even excluding operating expenses of USD 1,400. In Paraguay, the activity can generate a return of around a little over USD 15,000 or USD 1,250 per month.
Concerning GPU mining, the reported earnings could lead an investor to doubt their move. According to operator Alexis Lavado, a latest-generation video card can leave daily profits of USD 0.51, excluding electricity costs.
By Alexander Salazar
