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Crypto mining demand soars in Vietnam amid Bitcoin rally

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The cryptocurrency mining market in Vietnam is reportedly reviving amid the renewed crypto rally, the place Bitcoin (BTC) has surged above $51,000 for the primary time since Could.

Crypto-related entrepreneurs and fans in Vietnam have witnessed a big uptick in demand for crypto mining rigs within the nation, native information company VnExpress reported on Monday.

Quang Thuan, proprietor of a sequence retailer promoting cryptocurrency miners throughout Ho Chi Minh Metropolis, stated that the corporate’s gross sales have tripled in early September over the earlier month. He famous that the mining rig market in Vietnam was down earlier than Bitcoin surged again above $50,000 in mid-August.

The rising demand has triggered notable progress in crypto miners’ costs as some units are actually priced at 5 million Vietnamese dongs ($220) larger than in mid-August, in response to native crypto mining fanatic Ngoc Van. The perfect-selling miners based mostly on graphics processing items produced by AMD or Nvidia now reportedly price between $3,500 and $4,400, he added.

In keeping with Le Hung, the administrator of a neighborhood crypto mining group with practically 80,000 members, the crypto mining market in Vietnam has heated up as a result of renewed crypto rally and the continued COVID-19 pandemic. “First, Bitcoin, Ether and different cryptocurrencies have concurrently seen worth hikes, and miners have began to make income. Second, the pandemic has extended, decreasing funding choices, and so extra individuals have opted for coin mining,” he stated.

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The Vietnamese authorities has maintained a skeptical stance on the cryptocurrency business, with the Ministry of Finance warning the general public earlier this yr that crypto is unregulated in the country. After banning cryptocurrency as a method of cost again in 2018, Vietnamese authorities have been urging the population to avoid crypto.

Regardless of hesitation from the federal government, Vietnam had the highest cryptocurrency adoption price in August amongst 26 different international locations. The nation beforehand ranked 13th in realized Bitcoin gains for 2020 regardless of having solely the 53rd largest economic system based mostly on gross home product.