HomeCryptoCrypto mining demand soars in Vietnam amid Bitcoin rally

Crypto mining demand soars in Vietnam amid Bitcoin rally

The cryptocurrency mining market in Vietnam is reportedly reviving amid the renewed crypto rally, the place Bitcoin (BTC) surged above $51,000 for the primary time since May.

Crypto-related entrepreneurs and fans in Vietnam have witnessed a big uptick in demand for crypto mining rigs in the nation, native information company VnExpress reported Sept. 6.

Quang Thuan, proprietor of a series retailer promoting cryptocurrency miners throughout Ho Chi Minh City, stated that the corporate’s gross sales have tripled in early September over the earlier month. He famous that the mining rig market in Vietnam was down earlier than Bitcoin surged again above $50,000 in mid-August.

The rising demand has triggered notable progress in crypto miners’ costs as some units at the moment are priced at 5 million Vietnamese dongs ($220) larger than in mid-August, in keeping with native crypto mining fanatic Ngoc Van. The best-selling miners based mostly on graphics processing items produced by AMD or Nvidia now reportedly price between $3,500 and $4,400, he added.

According to Le Hung, the administrator of an area crypto mining group with practically 80,000 members, the crypto mining market in Vietnam has heated up because of the renewed crypto rally and the continuing COVID-19 pandemic. “First, Bitcoin, Ether and other cryptocurrencies have simultaneously seen price hikes, and miners have started to make profits. Second, the pandemic has prolonged, reducing investment options, and so more people have opted for coin mining,” he stated.

Related: Nvidia fails to promote as many crypto-mining GPUs as anticipated in Q2

The Vietnamese authorities has maintained a skeptical stance on the cryptocurrency business, with the Ministry of Finance warning the general public earlier this yr that crypto shouldn’t be regulated in the nation. After banning cryptocurrency as a way of fee again in 2018, Vietnamese authorities have been urging the inhabitants to keep away from crypto.

Despite hesitation from the federal government, Vietnam had the best cryptocurrency adoption charge in August amongst 26 different nations. The nation beforehand ranked thirteenth in realized Bitcoin beneficial properties for 2020 regardless of having solely the 53rd largest financial system based mostly on gross home product.