Home Cryptocurrency News Vietnamese cryptocurrency miners fear bust imminent, rush to sell gear

Vietnamese cryptocurrency miners fear bust imminent, rush to sell gear

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A tour of boards in cryptocurrency mining networks reveals that miners wish to promote their computer systems, graphic playing cards and the like.

A publish by Chi Held on a serious on-line group for cryptocurrency mining says: “I am unable to sustain with the development any longer, so I wish to promote my 1060 6G graphic card to whoever needs it. Negotiable costs.”

Ngoc Van, an administrator of a website that sells cryptocurrency mining instruments, mentioned the variety of folks seeking to promote their gear is increased than these seeking to purchase.

“Most sellers are small-scale miners. After they’ve recouped their investments, they might wish to liquidate their property to guide earnings.” They concern that if the market begins to tumble their gear would sit on the shelf as occurred throughout a earlier Bitcoin bust a number of years in the past, he mentioned.

Sinh Le, who works for a serious provider of cryptocurrency mining gear in HCMC, mentioned there are two causes for the sell-off.

“Firstly, Vietnamese miners primarily give attention to Ethereum, however the issue in harvesting it has elevated as extra machines began to mine for it, resulting in decrease productiveness and earnings.

“Secondly, miners wish to safe their earnings early with none danger. So as a substitute of continuous to mine, they flip investments as a substitute.”

Many sellers consider the cryptocurrency market has reached a stage the place small-scale miners with out deep pockets are pressured to promote their gear whereas large-scale ones proceed to increase.

However promoting the gear will not be simple: A number of days after posting his advert, Hung has not discovered a purchaser.

He defined: “Even a month in the past if there was a publish about somebody promoting their mining gear, folks would instantly snap it up. However now there are too many sellers, whereas homeowners of huge mining operations are steady. Meaning new miners don’t dare bounce in and promoting the gear turns into very troublesome.”

Different causes for the lack to promote embrace excessive costs. HCMC tech retail chain Tin hoc Ngoi sao mentioned miners as soon as purchased a set for VND5 million ($216.96) however now want to promote it at 5 – 6 occasions that value, and other people merely can’t afford it.

Minh Hieu of the southern Dong Nai Province, a veteran miner, mentioned after spending VND500 million it might take round half a yr for a miner to recoup the cash supplied cryptocurrency costs stay regular. However within the case of risky objects like Bitcoin and Ethereum, that may not be doable, he mentioned.

“The demand continues to be there, however sellers want to cost their gear appropriately. Graphic playing cards for mining are solely sellable within the mining group, to not players, because the playing cards have been deteriorated considerably,” he added.

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