One crypto mining rig seller in Vietnam has reportedly seen its sales
triple in early September, with GPUs selling at premium prices.
The cryptocurrency mining market in Vietnam is reportedly reviving amid the renewed crypto rally, where Bitcoin (BTC) has surged above $51,000 for the first time since May.
Crypto-related
entrepreneurs and enthusiasts in Vietnam have witnessed a significant
uptick in demand for crypto mining rigs in the country, local news
agency VnExpress reported on Monday.
Quang
Thuan, owner of a chain store selling cryptocurrency miners across Ho
Chi Minh City, said that the company’s sales have tripled in early
September over the previous month. He noted that the mining rig market
in Vietnam was down before Bitcoin surged back above $50,000 in
mid-August.
The rising demand has triggered notable growth in
crypto miners’ prices as some devices are now priced at 5 million
Vietnamese dongs ($220) higher than in mid-August, according to local
crypto mining enthusiast Ngoc Van. The best-selling miners based on
graphics processing units produced by AMD or Nvidia now reportedly cost
between $3,500 and $4,400, he added.
According to Le Hung, the
administrator of a local crypto mining community with nearly 80,000
members, the crypto mining market in Vietnam has heated up due to the
renewed crypto rally and the ongoing 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 said.
Related: Nvidia fails to sell as many crypto-mining GPUs as expected in Q2
The
Vietnamese government has maintained a skeptical stance on the
cryptocurrency industry, with the Ministry of Finance warning the public
earlier this year that crypto is unregulated in the country. After banning cryptocurrency as a means of payment back in 2018, Vietnamese authorities have been urging the population to avoid crypto.
Despite hesitation from the government, Vietnam had the highest cryptocurrency adoption rate in August among 26 other countries. The country previously ranked 13th in realized Bitcoin gains for 2020 despite having only the 53rd largest economy based on gross domestic product.
source link : https://cointelegraph.com/news/crypto-mining-demand-soars-in-vietnam-amid-bitcoin-rally
