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NEW DELHI: The crypto mining activity had declined considerably in Vietnam for a couple of months due to a slump in Bitcoin’s price to as low as $30,000 in July.
However, Bitcoin’s steadily surging value since it attained $50,000 value in mid-August has drastically changed the scenario. It has led to an increased mining activity and demand for mining hardware as well, as per a report in Bitcoin.com.
Quoting the administrator of a major Vietnamese crypto mining group, the report says there are two factors responsible for the recent spurt in demand for crypto mining rigs :
* Firstly, simultaneous price hike of Ethereum along with other cryptocurrencies led to miners making profits in mining.
* Secondly, the raging unemployment and lack of investment options due to prolonged Pandemic led many people to explore coin mining.
Consequently, the price of mining hardware used for mining Bitcoin, Ethereum and other cryptocurrencies has also risen.
The highest selling mining rigs come with video cards that are produced by leading graphic chip manufacturers like Nvidia and AMG. The rigs made by these companies currently cost $3500-$4400, $220 higher than mid-August, the Bitcoin.com report says
For mining in Vietnam, there are two options. The first way is to buy fully-assembled mining machines including rigs, and the second is to purchase Graphic Processing Units (GPUs) and assemble their own rigs.
The flourishing crypto mining economy in Vietnam isn’t a recent development. In fact, Research firm Finder had ranked Vietnam as the country with highest cryptocurrency ownership amongst 27 countries surveyed in August 2021.
Mining, however, is not a regulated activity in Vietnam and crypto is not used as a means of payment. The State Bank of Vietnam has even issued warnings earlier about the risks involved in trading, buying and using them.
(For the latest crypto news, investment tips and real-time price updates, follow our Cryptocurrency page.)
However, Bitcoin’s steadily surging value since it attained $50,000 value in mid-August has drastically changed the scenario. It has led to an increased mining activity and demand for mining hardware as well, as per a report in Bitcoin.com.
Quoting the administrator of a major Vietnamese crypto mining group, the report says there are two factors responsible for the recent spurt in demand for crypto mining rigs :
* Firstly, simultaneous price hike of Ethereum along with other cryptocurrencies led to miners making profits in mining.
* Secondly, the raging unemployment and lack of investment options due to prolonged Pandemic led many people to explore coin mining.
Consequently, the price of mining hardware used for mining Bitcoin, Ethereum and other cryptocurrencies has also risen.
The highest selling mining rigs come with video cards that are produced by leading graphic chip manufacturers like Nvidia and AMG. The rigs made by these companies currently cost $3500-$4400, $220 higher than mid-August, the Bitcoin.com report says
For mining in Vietnam, there are two options. The first way is to buy fully-assembled mining machines including rigs, and the second is to purchase Graphic Processing Units (GPUs) and assemble their own rigs.
The flourishing crypto mining economy in Vietnam isn’t a recent development. In fact, Research firm Finder had ranked Vietnam as the country with highest cryptocurrency ownership amongst 27 countries surveyed in August 2021.
Mining, however, is not a regulated activity in Vietnam and crypto is not used as a means of payment. The State Bank of Vietnam has even issued warnings earlier about the risks involved in trading, buying and using them.
(For the latest crypto news, investment tips and real-time price updates, follow our Cryptocurrency page.)
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