Crypto mining demand is rising in Vietnam amid the spike in Bitcoin prices – News Sept 06

The crypto mining market in Vietnam is set to revive amid the new crypto rally that noticed Bitcoin (BTC) soar above $ 51,000 for the first time since May.

This was reported by the native information company VnExpress on September sixth.

Quang Thuan, the proprietor of a series of shops that sells cryptocurrency miners in Ho Chi Minh City, stated that the firm’s gross sales tripled in early September compared to the earlier month. He is famous that the mining rigs market in Vietnam fell earlier than Bitcoin surged above $ 50,000 in mid-August.

The elevated demand has resulted in a significant rise in the price of cryptocurrency mining gear as some gadgets now value 5 million Vietnamese dongs ($ 220), more critical than in mid-August, based on native cryptocurrency mining fanatic Ngoc Van. He added that the best-selling miners are primarily based on AMD or Nvidia graphics processors at the moment, a value between $ 3,500 and $ 4,400.

According to Le Hung, the administrator of a neighborhood crypto mining group with practically 80,000 members, the crypto mining market in Vietnam has heated up, resulting from the new crypto rally and the COVID-19 pandemic-19. “First, Bitcoin, Ether, and different cryptocurrencies have seen price will increase at the similar time, and miners have begun to revenue. Second, the pandemic has dragged on, diminished funding alternatives, and consequently, many individuals have chosen to mine cash, “he stated.

Related: Nvidia is not promoting as many crypto-mining GPUs as anticipated in the second quarter.

The Vietnamese authorities have maintained a skeptical stance on the crypto trade. The Treasury Department warned the public earlier this 12 months that cryptocurrencies will not be regulated in the nation. Following the ban on cryptocurrencies as a cost method in 2018, the Vietnamese authorities urged folks to keep away from cryptocurrencies.

Despite the authority’s reluctance, Vietnam had the highest crypto adoption price of 26 different nations in August. The nation beforehand ranked thirteenth in Bitcoin revenue made for 2020, regardless of solely having the 53rd most extensive financial system in phrases of gross home product.