Recently, Vietnam started registering a high demand for cryptocurrency mining equipment with more people joining the cryptocurrency mining sector such as Bitcoin, Ethereum and others.

Interestingly, the mining rig market in Vietnam witnessed a huge drop a few months ago after Bitcoin lost more than 50% of its value and traded for less than $30,000 due to several negative news coming from China.

Now with bitcoin trading at more than $50,000, more people are looking to get involved in mining activities and increasingly buying mining equipment and hardware, reports the site.in n express“.

Mr. Quang Tuan, a businessman who owns a chain of stores that provide mining equipment in Ho Chi Minh City, revealed that sales fell in early September compared to last month.

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high cost of mining equipment:

The increasing demand for mining equipment in Vietnam has risen dramatically, according to mining machinery suppliers across the country, making their prices soar due to the huge demand.

One mining rig currently costs an average of VND 30 million ($1,300), while top-selling miners such as CPUs made by AMD or Nvidia are now priced between $3,500 and $4,400, which is about $220 more. About what was sold last month, according to the aforementioned source.

But a local miner said he has spent about 3 billion Vietnamese dong ($130,400) setting up an ethereum mining farm using new machines in the southern province of Dong Nai and hopes to be able to recoup his investment within the next six months.

Vietnamese turn to cryptocurrency mining:

Lu Hong, who is in charge of the crypto-mining group, which has about 80,000 members, said that the mining market in Vietnam is booming mainly due to the sharp rise in cryptocurrency prices and the spread of the coronavirus.

First, Bitcoin, Ethereum, and other cryptocurrencies all saw their prices skyrocket, and miners started taking profits.

Secondly, the persistence of the Corona virus has reduced investment options, which is why more people have chosen to mine cryptocurrencies.

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Despite the high demand for mining machines in Vietnam, the country does not fully support cryptocurrencies and has warned its citizens against this asset class.

The Vietnamese authorities banned digital currency as a payment method in 2018, but the country began researching cryptocurrencies in 2020 and partnered with TomoChain to issue all blockchain certifications and qualifications under the supervision of the Vietnamese Ministry of Education.

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