Vietnam’s Crypto Mining Demand Increases as Bitcoin Soars

According to reports, one provider of crypto mining facilities in Vietnam has tripled its revenues since the beginning of September by utilizing high-end graphics processing units. The crypto-mining industry in Vietnam is said to be recovering from the recent crypto-boom, which saw Bitcoin (BTC) soar above USD 51,000 for the first price since May for the first time in over a year.

As reported by the Vietnamese news website VnExpress, the demand for crypto-explorer equipment in the country is expanding significantly due to the growing number of crypto-related businesses and fans.

Quang Thuan, the proprietor of a chain of stores that sell crypto miners around Ho Chi Minh City, claims that his company’s sales have increased by more than fourfold since the beginning of September. He discovered that the mining equipment market in Vietnam had been decreased by more than USD 50,000 until Bitcoin saw a resurgence in the middle of August.

According to Ngoc Van, a crypto-mining enthusiast from the local community, growing demand has resulted in a significant increase in the pricing of cryptocurrency mining businesses, with some companies commanding 5 million Vietnamese dongs ($220) more than they did in mid-August.

His statement said that the best-selling miners, which use AMD and Nvidia graphics processing units, currently cost between USD 3,500 and USD 4,400 in the United States.

According to Le Hung, the administrator of a local crypto-mining club with more than 80,000 members, crypto-mining in Vietnam has risen as a consequence of the resurgent crypto-rial rise and the ongoing COVID-19 epidemic, which has led to an increase in the number of members.

“Bitcoin, Ether, and other cryptocurrencies saw price increases, to begin with, and miners began to reap the benefits. Second, as the epidemic has continued to drag on, the number of investment options has decreased, leading to an increase in the number of people turning to currency mining “he explained.

The Vietnamese government has taken a cautious approach to cryptocurrencies, and the Ministry of Finance issued a warning earlier this year that the market in the nation was uncontrollably volatile. Vietnamese officials encouraged the public to avoid using bitcoin as a form of payment in 2018 after the country outlawed it in 2017.

Despite regulatory worries, Vietnam had the greatest percentage of Bitcoin adoption out of 26 other countries in August, according to CoinDesk. Despite having just the 53rd largest gross domestic product economy, the country had previously ranked Bitcoin 13th in its profits forecast for 2020, according to CoinMarketCap.