Vietnam Records High Demand For Mining Rigs After BTC’s Recovery

Vietnam records high demand for crypto mining rigs after the Bitcoin recovery as the coin is trading at a multi-month high above $51,000 which pushed people in the country towards crypto mining since they are increasingly buying more equipment as we are reading more in our latest Bitcoin news.

Vietnam records high demand for crypto mining equipment as more people joined to mine crypto like BTC, ETH and others. The mining rig market in Vietnam saw a significant drop a few months ago after BTC lost more than 50% of the value and traded below $30K due to several FUDs from China. With BTC now trading above $50,000, mroe people started looking to engage in mining activities and started buying more rigs.

Quang Thuan, an entrepreneur who owns a few shops for mining equipment in Ho Chi Minh City, said the sales tripped in September compared to the last month. The surging demand made mining equipment even more expensive in Vietnam as per the rig supplies across the country. The rigs now cost about $1300 on average while the best-selling miners like those with processing the units created by AMD or Nvidia are now priced between $3500 and $4400 which is higher than what they were sold last month.

One local miner said that he spent about $130,400 to set up his ETH mining farms with new rigs in the province of Dong Nai and hopes that he can recoup his investment within the next six months. Le Hund as an administrator of a crypto mining group with $80,000 members said that the mining market in Vietnam is increasing because of the spike inc crypto prices and the prolonged pandemic:

“First, Bitcoin, Ethereum and other cryptocurrencies have simultaneously seen price hikes, and miners have started to make profits. Second, the pandemic (Covid-19) has prolonged, reducing investment options, and so more people have opted for coin mining.”

Despite the surge in demand for rigs in Vietnam as the country is not really supportive of crypto and warned its citizens against the asset class. The authorities in the country banned digital currency as a means of payment a few years ago but stated at that time that they are researching crypto and even partnered with TomoChain to issue diplomas under the Vietnam Ministry of Education on the blockchain.