Vietnam’s crypto mining market soars amid Bitcoin’s latest rally

Vietnam’s crypto mining market is witnessing a significant uptick in activities as the crypto market continues its rally.

According to local news agency VnExpress, there has been an increase in the demand for crypto mining rigs in Vietnam. Quang Thuan, a crypto mining rig vendor, revealed that his company’s sales tripled in early September, with GPUs selling at premium prices. He noted that Vietnam’s crypto mining rig market was down in mid-August. However, it picked up when Bitcoin reclaimed the $50,000 benchmark towards the end of the month.

Amid Bitcoin’s latest rally and the growing demand for mining rigs, the price of mining equipment has also climbed in Vietnam. Some devices are now priced 5 million Vietnamese dongs ($220) higher than they were in mid-August, local crypto mining enthusiast Ngoc Van disclosed. Furthermore, high-end graphics processing units from AMD and Nvidia now cost between $3,500 and $4,400.

Le Hung, the administrator of a local crypto mining community with nearly 80,000 members, explained that two factors are primarily responsible for the increase in crypto mining activities in Vietnam – the ongoing COVID-19 pandemic and the renewed crypto rally. He said:

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.

Although the Vietnamese government previously maintained a strict stance towards the cryptocurrency industry, it appears the country is loosening its grip. In August, Vietnam had the highest rate of crypto adoption. Also, recall that the government recently announced its plans to launch a pilot crypto project within the next two years.