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) has surged above $51,000 for the primary time since May.

Crypto-related entrepreneurs and lovers in Vietnam have witnessed a major uptick in demand for crypto mining rigs in the nation, native information company VnExpress reported on Monday.

Quang Thuan, proprietor of a series retailer promoting cryptocurrency miners throughout Ho Chi Minh City, mentioned 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 gadgets at the moment are priced at 5 million Vietnamese dongs ($220) larger than in mid-August, based on native crypto mining fanatic Ngoc Van. The best-selling miners primarily based on graphics processing items produced by AMD or Nvidia now reportedly value between $3,500 and $4,400, he added.

According to Le Hung, the administrator of an area crypto mining neighborhood with practically 80,000 members, the crypto mining market in Vietnam has heated up as a result of renewed crypto rally and the continuing COVID-19 pandemic. “First, Bitcoin, Ether and different cryptocurrencies have concurrently seen value hikes, and miners have began to make income. Second, the pandemic has extended, lowering funding choices, and so extra folks have opted for coin mining,” he mentioned.

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 12 months that crypto is unregulated in the nation. After banning cryptocurrency as a way of cost again in 2018, Vietnamese authorities have been urging the inhabitants to keep away from crypto.

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