Recently, Vietnam began registering a high demand for cryptocurrency mining tools with more human beings becoming a member of the cryptocurrency mining sector such as Bitcoin, Ethereum and others.
Interestingly, the mining rig market in Vietnam witnessed a huge drop a few months in the past after Bitcoin misplaced greater than 50% of its cost and traded for much less than $30,000 due to several poor information coming from China.
Now with bitcoin trading at more than $50,000, more human beings are looking to get involved in mining things to do and increasingly more shopping for mining equipment and hardware, VnExpress reports.
Mr. Quang Tuan, a businessman who owns a chain of shops that furnish mining equipment in Ho Chi Minh City, printed that sales fell in early September in contrast to final month.
high fee of mining equipment:
The growing demand for mining gear in Vietnam has risen dramatically, according to mining equipment suppliers across the country, making their fees jump due to the massive demand.
One mining rig presently costs an average of VND 30 million ($1,300), while top-selling miners such as CPUs made by means of AMD or Nvidia are now priced between $3,500 and $4,400, which is about $220 more. About what used to be bought last month, in accordance to the aforementioned source.
But a nearby miner said he has spent about 3 billion Vietnamese dong ($130,400) setting up an ethereum mining farm the use of new machines in the southern province of Dong Nai and hopes to be in a position to recoup his funding within the subsequent six months.
Vietnamese turn to cryptocurrency mining
Lu Hong, who is in charge of the crypto-mining group, which has about 80,000 members, stated that the mining market in Vietnam is booming in most cases due to the sharp upward thrust in cryptocurrency expenses and the spread of the coronavirus.
First, Bitcoin, Ethereum, and other cryptocurrencies all noticed their expenses skyrocket, and miners commenced taking profits.
Secondly, the persistence of the Corona virus has decreased funding options, which is why greater people have chosen to mine cryptocurrencies.
Despite the high demand for mining machines in Vietnam, the us of a does now not totally support cryptocurrencies and has warned its citizens towards this asset class.
The Vietnamese authorities banned digital foreign money as a payment method in 2018, however the united states started researching cryptocurrencies in 2020 and partnered with TomoChain to difficulty all blockchain certifications and skills below the supervision of the Vietnamese Ministry of Education.
