Vietnam’s cryptocurrency mining demand soars during the Bitcoin rally

According to reports, the cryptocurrency mining market in Vietnam is recovering from the cryptocurrency rebound. Bitcoin (Bitcoin) Has soared to the top 51,000 USD For the first time since May.

According to a local news agency VnExpress, Vietnam’s crypto-related entrepreneurs and enthusiasts have witnessed a significant increase in the country’s demand for crypto mining equipment Report on Monday.

Quang Thuan, owner of a chain of stores selling cryptocurrency miners in Ho Chi Minh City, said that the company’s sales in early September had tripled from the previous month. He pointed out that the mining machine market in Vietnam had fallen before Bitcoin soared above $50,000 in mid-August.

According to local crypto mining enthusiast Ngoc Van, the growing demand has triggered a significant increase in the price of crypto miners, as the price of some equipment is now 5 million VND (220 USD) higher than in mid-August. He added that according to reports, the current best-selling graphics processing unit based on AMD or Nvidia is priced between US$3,500 and US$4,400.

According to Le Hung, the administrator of the local crypto mining community with nearly 80,000 members, the crypto mining market in Vietnam is heating up due to the new crypto rebound and the ongoing COVID-19 pandemic. “First, Bitcoin, Ethereum, and other cryptocurrencies have seen price increases at the same time, and miners have begun to make profits. Second, the pandemic has continued, reducing investment options, so more people have chosen token mining,” he said.

related: Nvidia failed to sell as many crypto mining GPUs as expected in the second quarter

The Vietnamese government has always been skeptical of the cryptocurrency industry, and the Ministry of Finance warned the public earlier this year that Encryption is not regulated in the country. After banning cryptocurrency as a means of payment in 2018, the Vietnamese authorities have been Urge people to avoid encryption.

Despite the government’s hesitation, Vietnam has the highest cryptocurrency adoption rate Ratio in 26 other countries in August.This country before Ranked 13th in Bitcoin revenue realized in 2020 Although calculated in terms of gross domestic product, it is only the 53rd largest economy.