Cryptocurrency Mining Surges in Vietnam as Ethereum Hovers Around $4000

The cryptocurrency mining industry in Vietnam is allegedly recovering in the midst of a fresh crypto boom, with Bitcoin (BTC) breaking beyond $51,000 for the foremost occasion since May.

According to local news outlet VnExpress, crypto-associated businesses and advocates in Vietnam have seen a substantial increase in demand for cryptocurrency mining equipment in the nation.

Quang Thuan, the proprietor of a chain shop selling bitcoin miners throughout Ho Chi Minh City, stated that sales had quadrupled in the beginning of September compared to the preceding month.

He stated that the mining gear industry in Vietnam was on a decline prior to Bitcoin’s re-entry into the $50,000 range in mid-August.

As per regional cryptocurrency mining enthusiast Ngoc Van, increasing demand has resulted in significant price increases for cryptocurrency miners, with some machines now costing 5 million Vietnamese dongs ($220) more than in mid-August. He noted that the finest mining rig based on AMD or Nvidia graphics processing units currently cost in the range of $3,500 to $4,400.

The cryptocurrency mining industry in Vietnam has flared up owing to the revived cryptocurrency surge and the continuing COVID-19 epidemic, as per Le Hung, the manager of a domestic cryptocurrency mining group with over 80,000 members.

“To begin with, the prices of Bitcoin, Ether, and rest of the altcoins have risen at the same time, and miners have begun to benefit. Secondly, the epidemic has lasted longer, limiting investment choices, and as a result, more individuals have turned to currency mining,” he said.

The Vietnamese government has remained wary of the cryptocurrency sector, with the Ministry of Finance advising the common people earlier in 2021 that cryptocurrency in the nation is unlicensed. Vietnamese authorities have been encouraging the public to shun bitcoin since it was banned as a form of payment three years back.

Notwithstanding the government’s reservations, Vietnam had the biggest bitcoin adoption rate of any of the 26 nations in August. In spite of being only the 53rd biggest economy in terms of GDP, the nation was previously rated 13th in realized Bitcoin gains for 2020.