The cryptocurrency mining market in Vietnam is reportedly reviving amid the renewed crypto rally, where Bitcoin has surged above $51,000 for the first time since May. Crypto-related entrepreneurs and enthusiasts in Vietnam have witnessed a significant uptick in demand for crypto mining rigs, as local news agency VnExpress reported on Monday. Quang Thuan, owner of a chain store selling cryptocurrency miners across Ho Chi Minh City, said their sales have tripled in early September over the previous month.
The mining market in Vietnam was down before Bitcoin surged back above $50,000 in mid-August.
Thuan further noted that the mining rig market in Vietnam was down before Bitcoin surged back above $50,000 in mid-August. According to local crypto mining enthusiast Ngoc Van, the rising demand has triggered notable growth in crypto miners’ prices as some devices are now priced at 5 million Vietnamese dongs ($220), higher than in mid-August. He added that the best-selling miners based on graphics processing units produced by AMD or Nvidia now reportedly cost between $3,500 and $4,400.
Crypto mining demand soars.
According to Le Hung, the local crypto mining community administrator with nearly 80,000 members, the crypto mining market in Vietnam has heated up due to the renewed crypto rally and the ongoing COVID-19 pandemic. “First, Bitcoin, Ether, and other cryptocurrencies have simultaneously seen price hikes, and miners have started to make profits. Second, the pandemic has prolonged, reducing investment options, and so more people have opted for coin mining,” he said. The Vietnamese government has maintained a skeptical stance on the cryptocurrency industry, with the Ministry of Finance warning the public earlier this year that crypto is unregulated in the country.