How much money South Africans made from crypto mining

The MyBroadband 2018 Cryptocurrency Survey has revealed that the majority of South Africans who owned a crypto mining rig made a profit from the venture.

The survey was completed by 1,244 MyBroadband readers, and is a good representation of the sentiment of tech-savvy South Africans towards cryptocurrencies.

Of those who took part in the survey, 23% stated that they own or have owned a cryptocurrency mining rig.

Cryptocurrency mining rigs which are popular in South Africa include ASIC miners, made specifically to mine cryptocurrencies like Bitcoin, and GPU mining rigs, which are used to mine tokens like Ethereum.

Mining for profit

66% of the survey respondents who own or have owned a crypto mining rig stated that they made a profit from their machine.

Of those who made a profit, the majority made up to R50,000 in gains from mining.

Survey respondents who did not make a profit from mining did not suffer substantial losses, however, with the majority not losing more than R10,000.

Interestingly, over 60% of respondents said they are still mining cryptocurrency, despite tokens taking a substantial knock in value during the opening months of 2018.

17% of respondents said they have sold or disassembled their rig, with the latter likely to have been done to access the valuable graphics cards in GPU rigs.

The results of the survey are detailed in the infographic below.

Crypto Survey 3

Now read: Telegram scraps its plans for a public ICO

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How much money South Africans made from crypto mining