Home Crypto Mining Spikes in Brazil Amid Record High Unemployment

Home Crypto Mining Spikes in Brazil Amid Record High Unemployment


With rising unemployment rates and rampant economic uncertainty, in the wake of the Covid crisis, a growing number of Brazilians are finding an alternative income source in cryptocurrency mining. GPU rigs have been spotted even in favelas as a relatively small investment can return more than the average salary in Brazil.

Pandemic and Uncertainty Turn More Brazilians to Cryptocurrency Mining

The ongoing coronavirus pandemic has taken a heavy toll on Brazil and the country ranks among the hardest hit, with over 450,000 deaths due to Covid-19. South America’s largest economy shrank by more than 4% in 2020 resulting in a record high unemployment for almost a decade – 14.3 million citizens are jobless, the national statistical office announced earlier this year.

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Low or no salaries, along with bleak economic perspectives, have pushed Brazilians to find new ways to make ends meet. According to a recent report by Portal do Bitcoin, a growing number of people in the

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