The cryptocurrency mining market in Vietnam is bustling amid the current crypto rally. Bitcoin (BTC) has climbed to over $ 51,000 for the first time since May.
Crypto entrepreneurs and enthusiasts in Vietnam have seen a significant surge in demand for crypto mining equipment in the country, local news agency VnExpress reported on Monday.
Quang Thuan, who owns a chain of stores serving cryptocurrency miners in the capital, Ho Chi Minh, said the company’s sales tripled in early September. He explained that the mining equipment market in Vietnam was rather sluggish before Bitcoin surged to over $ 50,000 in mid-August.
The rise in demand has resulted in prices for crypto miners increasing significantly. Some devices cost US $ 220 more than they did in mid-August, as reported by the Vietnamese crypto mining enthusiast Ngoc Van. AMD or Nvidia graphics cards used as mining devices cost between $ 3,500 and $ 4,400, he added.
According to Le Hung, the administrator of the local crypto mining community with almost 80,000 members, the crypto mining market in Vietnam was developing new life in the wake of the current crypto rally and the corona pandemic. “Initially, Bitcoin, Ether and other cryptocurrencies rose at the same time, and miners gradually made profits. The pandemic is dragging on and reducing investment opportunities. Therefore, people have started to mine coins,” he said.
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The Vietnamese government remains skeptical about cryptocurrencies. The finance minister warned the public earlier this year that crypto was still unregulated in the country. In 2018, cryptocurrencies were banned as a means of payment and Vietnamese authorities urged the population to avoid crypto.
Despite the government’s opposition, Vietnam had the highest cryptocurrency adoption rate out of 26 countries in August. In terms of Bitcoin realized gains in 2020, the country was ranked 13th, although it only ranks 53rd in terms of gross domestic product.