Key Takeaways
- Sales of crypto mining equipment increases in recent weeks
- New trend attributed to the rise in the value of cryptocurrencies
- Several countries in the world have dedicated laws that regulate crypto mining activities
This trend was revealed by local news outlet Vnexpress in a report earlier in the week.
The report noted a noticeable increase in the demand for crypto mining equipment within the country in recent weeks.
Vnexpress spoke with several computer hardware dealers in Ho Chi Minh City to ascertain the new trend.
Most of the dealers confirmed that they had received traction from residents looking to mine digital currencies as a means of income.
The consensus was that the rise in the price of Bitcoin has contributed to the increase in demand for crypto mining equipment.
The effect of the Covid-19 pandemic on Vietnam was also a factor.
The country has witnessed a record number of job losses in the past year, and many are turning to new means of making income.
The relatively cheap electricity makes mining energy-consuming cryptocurrencies like Bitcoin profitable during bullish periods.
On average, the total costs of setting up a profitable mining rig in Vietnam could be up to VND2 billion ($88,000).
As a result, many Vietnamese miners prefer to assemble their mining rigs and purchase items individually.
However, the proximity to China means that they can buy completely assembled rigs at a relatively lower price compared to other countries.
AMD and Nvidia graphic chips are the most sought after due to their mining power and are more expensive than other brands.
Several countries like the USA, Iran and Belarus have comprehensive mining laws with fully developed mining industries.
In contrast, other countries like Venezuela are also exploring mining digital assets as a source of revenue.
Do you think the rising demand for crypto mining equipment will lead to widespread crypto adoption in Vietnam?
