- Demand for mining rigs has been witnessing growth since Bitcoin crossed $50,000.
- Best selling miners with AMD and NVIDIA GPUs are fetching anywhere between $3,500 and $4,000.
- The Vietnamese government remains skeptical about the use of cryptocurrencies.
With Bitcoin is resuming its bull run and prices of the coin crossing $51,000 for the first time since May, the Vietnam crypto mining market is on an upsurge again.
While several crypto entrepreneurs, investors, and enthusiasts have been experiencing growth in demand, a specific chain store in Ho Chi Minh city that caters to crypto miners has seen its sales triple at the beginning of September. GPUs, integral to crypto mining, are also selling at a premium price.
Growth in Crypto Miners’ Price and Device
The market has discovered a direct link between the upward rally of Bitcoin and the demand for crypto mining. The mining rig market attained growth only after the price of Bitcoin crossed $50,000.
The increased demand translated into increased pricing of mining devices. Some devices fetched more than $220, equivalent to 5 million Vietnamese dongs. It is higher than what the price was in mid-August.
AMD and NVIDIA graphic processing unit-powered mining rigs, considered the best among the industry, now sell at a price between $3,500 and $4,000.
According to industry experts, people who run crypto mining communities with thousands of miners believe there are two prominent reasons behind the growth in mining.
First, price hikes in coins like BTC and ETH are motivating more people to leverage the growth. Second, the pandemic has reduced the available investment options, resulting in increased investor participation in coin mining.
Despite the increase in popularity of crypto among Vietnam’s rank and file, the government remains skeptical. It had first banned the use of Bitcoin as a payment medium in 2018.
Later it warned people of Bitcoin’s unregulated nature and urged them to avoid crypto. Yet, there was no sign of crypto enthusiasm among the Vietnamese population going down. In fact, Vietnam had the highest crypto adoption rate among 26 other countries in August.