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Vietnamese Crypto Mining Demand Witnessed Major Surge During Bitcoin Run

By Jenny Aurora | September 7, 2021

The Vietnam-based crypto mining market is reportedly bouncing back and growing during this renewed crypto run, which saw Bitcoin (BTC) exceeding the $51,000 for the first time since May.

Specifically, entrepreneurs and advocates across the crypto scene in the country have reportedly experienced a major surge, regarding the demand for crypto mining rigs locally, per local outlet VnExpress. 

Quang Thuan – who runs a business selling crypto miners throughout Ho Chi Minh City – reportedly remarked that the recorded sale has witnessed a three-fold increase at the beginning of September, and has been rising in the past months. 

He further stated that the Vietnam-based mining rig market saw a plummet prior to Bitcoin’s recovery back to over $50,000 in mid-August.

The inclining demand has reportedly fueled the significant development in terms of crypto miners’ prices, since a few pieces of equipment now have the selling price of 5 million Vietnamese dongs ($220), higher compared to mid-August, per local crypto mining enthusiast Ngoc Van. 

The most preferred miners according to graphics processing units manufactured by AMD or Nvidia are reportedly now sold at the price falling between $3,500 and $4,400. 

Per Le Hung, the administrator of a Vietnamese crypto mining community with around 80,000 members, the local crypto mining scene has seen significant activities thanks to two factors – the renewed crypto rally and the current global health crisis happening severely in Vietnam. 

“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”.

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