Media report rising demand for mining equipment in Vietnam

Vietnamese sellers of cryptocurrency mining equipment reported a rebound in demand as Bitcoin price climbs to $50,000, according to VnExpress.

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The owner of a Ho Chi Minh City network of mining-equipment shops told the publication that the company’s sales had tripled in early September compared with the previous month.

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Local crypto enthusiast Ngoc Van noted that rising demand has driven up miner prices. Some units cost 5 million Vietnamese dong (about $220), and the most popular models have risen to $4,400, the media reports.

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Le Hung, administrator of the local mining community, told the publication that the revival in demand for cryptocurrency mining was linked to several factors:

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\”First, Bitcoin, Ethereum and other digital assets simultaneously experienced a surge in prices, and miners began to profit. Second, the pandemic [COVID-19] dragged on, reducing investment opportunities, and therefore more people chose mining.\”

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Since 1 January 2018, Vietnam has banned the issuance and use of Bitcoin and other cryptocurrencies, equating them with illegal payment instruments.

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Subsequently, the Ministry of Finance formally banned the import of mining equipment into the country.

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In early 2021, the Vietnamese computer club retooled into an Ethereum mining farm due to a drop in visitors amid the pandemic.

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Earlier in July, Vietnam’s Prime Minister Pham Minh Chinh asked the central bank to study blockchain and pilot the deployment of cryptocurrencies from 2021 to 2023.

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