Recently, an incredibly huge requirement for mining devices regarding crypto has been seen in Vietnam because numerous people are entering the space for mining cryptocurrencies such as Bitcoin, Ether, as well as many others. It is noteworthy that the market of mining rigs in the country underwent a severe decline not too many months ago as Bitcoin lost approximately its 50% value and subsequently traded under $30,000 because of different FUDs out of China.
Nonetheless, Bitcoin is presently trading at more than $50,000, and a large number of people are initiating their mining operations and purchasing more rigs, as reported by VnExpress on Monday. An Entrepreneur Quang Thuan who possesses a series of shops for the supply of mining instruments in the city ‘Ho Chi Minh’, disclosed that the sales of such equipment have stumbled during the beginning of September in comparison with the previous month.
Immense prices of mining rigs
The recent upsurge in demand has triggered an escalation in the prices of mining rigs within Vietnam as per the rig suppliers that are spread throughout the country. Currently, a rig price is nearly VND 30M (approximately $1,300), being average. Nevertheless, the well-known miners include those rigs in which the AMD or Nvidia-based processing units are attached, and their costs range from $3,500 to $4,400, making it about $220 above their price in the previous month.
However, one of the local miners revealed that almost VND3 billion ($130,400) were spent by him to organize his mining farm of Ethereum in Dong Nai (southern province of the country), having new rigs. He aspires to recollect his investment during the coming six months.
Lack of opportunities for investment
Le Hung, an organizer of a group of crypto mining in which there are nearly 80,000 members, pointed that a noticeable spike is occurring in the Vietnamese mining market, and the core reason is the augmentation in the prices of cryptocurrencies. Firstly, he said, Bitcoin and Ethereum, along with the other currencies, experienced price hikes and provided the miners with profits, and then the second wave of the pandemic has extended, causing much-reduced investment options. Thus, several new people are selecting coin mining.
Notwithstanding the expedition in the heightened demand for crypto mining, the country does not seem to be completely helpful for crypto. It has seriously warned the residents against this field. In 2018, the authorities of Vietnam prohibited digital currency as a method of payment.