The cryptocurrency mining market in Vietnam is reportedly reviving amid the renewed crypto rally, the place Bitcoin (BTC) has surged above $51,000 for the primary time since Might.

Crypto-related entrepreneurs and fanatics in Vietnam have witnessed a major uptick in demand for crypto mining rigs within the nation, native information company VnExpress reported on Monday.

Quang Thuan, proprietor of a series retailer promoting cryptocurrency miners throughout Ho Chi Minh Metropolis, mentioned that the corporate’s gross sales have tripled in early September over the earlier month. He famous that the mining rig market in Vietnam was down earlier than Bitcoin surged again above $50,000 in mid-August.

The rising demand has triggered notable progress in crypto miners’ costs as some units are actually priced at 5 million Vietnamese dongs ($220) greater than in mid-August, based on native crypto mining fanatic Ngoc Van. The very best-selling miners based mostly on graphics processing items produced by AMD or Nvidia now reportedly value between $3,500 and $4,400, he added.

In accordance with Le Hung, the administrator of an area crypto mining neighborhood with almost 80,000 members, the crypto mining market in Vietnam has heated up because of the renewed crypto rally and the continuing COVID-19 pandemic. “First, Bitcoin, Ether and different cryptocurrencies have concurrently seen worth hikes, and miners have began to make income. Second, the pandemic has extended, decreasing funding choices, and so extra folks have opted for coin mining,” he mentioned.

Associated: Nvidia fails to sell as many crypto-mining GPUs as expected in Q2

The Vietnamese authorities has maintained a skeptical stance on the cryptocurrency business, with the Ministry of Finance warning the general public earlier this yr that crypto is unregulated in the country. After banning cryptocurrency as a way of fee again in 2018, Vietnamese authorities have been urging the population to avoid crypto.

Regardless of hesitation from the federal government, Vietnam had the highest cryptocurrency adoption fee in August amongst 26 different international locations. The nation beforehand ranked 13th in realized Bitcoin gains for 2020 regardless of having solely the 53rd largest financial system based mostly on gross home product.