Belmont was a silver mining town and became the county seat of Nye County in 1867 and had a population of about 2000 by 1868 and construction was began on a two-story brick Courthouse which was completed in 1874.  By 1868, there were over 100 businesses in town including hotels, restaurants, a National Bank, and many other buildings including saloons, and three newspapers. Six mills operated in and around Belmont during its peak years. The Post Office operated from April 1867 till May 1911.

 In 1878, signs began to appear that perhaps Belmont had seen its best days. Beginning in 1880, mining companies began to move to newer locations and by 1885 only limited mining activity was taking place. And by 1889 many of Belmont’s businesses and most of its residents had left. The final death blow came from the Belmont’s last surviving newspaper, the Belmont Currier,ceased publication on March 2, 1901. In it's lifetime, Belmont produced over $15 million in silver ore.

 In 1874 Belmont was the site of a lynching; two miners Charlie McIntire & Jack London got into an argument with a local citizen H.H. Sutherland, which resulted in gunplay and Suthernland being wounded by Walker. The pair of miners were jailed and later the same month they escaped but were found hiding in a mine shaft just outside of town. Around midnight vigilantes showed up and disarmed the sheriff and his deputy. The sheriff and deputy were discovered by the night watchman and untied from their bonds, they hurried down stairs to the jail to find both McIntire & London swinging by their necks, each man had a note pinned to their backs reading "301", the signature of Belmont's vigilantes.