Crypto price surge triggers demand for crypto mining equipment in Vietnam

Prices of cryptocurrency mining equipment have increased in Vietnam due to surging cryptocurrency prices with other livelihood options being limited by the ongoing coronavirus pandemic.

With the price of bitcoin moving back above the $50,000 threshold, many Vietnamese are now looking to buy mining components.

Quang Thuan, an owner of several crypto hardware shops in Ho Chi Minh City, noted that the mining rig market was gloomy a few months ago after the leading cryptocurrency fell below $30,000 in July.

This month, his sales have tripled compared to the August volumes.

While Vietnamese miners can purchase graphics processing units (GPUs) and assemble rigs, they can also buy fully assembled mining machines, including those from China, where an ongoing crackdown on the industry has closed numerous mining farms.

On average, a rig costs $1,300.

As Vietnam is yet to properly regulate cryptocurrencies and related business activities, the State Bank of Vietnam has issued warnings about the risks of owning, trading, and using them.

In May this year, the government in Hanoi commissioned a research group for that purpose, and the Finance Ministry said it’s conducting an in-depth study of the matter.