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Crypto Mining Demand Soars In Vietnam Amidst A Crypto Price Rally

Vietnam has been reported to have revived a revamped crypto rally where the price of Bitcoin soared higher than $51k for the first time in three months. Amidst the price rally, the demand for crypto mining rigs in the state is also soaring higher.

According to the local press reports, crypto proponents and investors in Vietnam have noticed the recent soaring demand for crypto mining rigs in the country. The rising demand has led to a rise in the price of crypto mining rigs as miners are now selling equipment for 5 million Vietnamese dongs, the country’s national currency, worth $220 in the United States.

A local crypto mining enthusiastic, Ngoc Van, has stated that the prices for crypto mining equipment have risen higher than they were worth during mid-august. The crypto mining proponents added that even the top-selling miners, AMD and Nvidia, who are in the lead in terms of graphics processing units, have raised their prices and now cost between $3k and $4k

Quang Thuan, the owner of a local chain store that sells crypto mining equipment across the city of Ho Chi Minh, revealed the company’s sales have soared three times high during the early days of September than they did the month prior. Quang Thuan noted that the crypto mining rigs market in Vietnam was all-time low this year, and it was recently when the price of Bitcoin surged higher than $50k in August, that the demand for miners increased as well as the cost.

The crypto mining market in Vietnam has heated up due to the renewed price rally and the ongoing covid-19 pandemic, as stated by the administrator of a local crypto mining community, Le Hung. The mining community consists of 80,000 members which as Le Hung states, have agreed that the demand has increased for two particular reasons. Firstly, the price of Bitcoin and Ethereum along with other crypto-assets has suddenly skyrocketed recently, and miners are profiting from the price surges. Secondly, he added that the prolonged covid-19 pandemic has resulted in the reduction of investment options, therefore more people have opted for crypto mining.

Vietnam has been ranked 13th country to gain Bitcoin in 2020 despite being the 53rd largest economy based on GDP. Despite the warning from the financial authorities that crypto is unregulated, Vietnam has the highest adoption of crypto assets in 26 countries.

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