Crypto mining demand soars in Vietnam amid Bitcoin rally

Crypto mining demand soars in Vietnam amid Bitcoin rally

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

Crypto-related entrepreneurs and enthusiasts in Vietnam have witnessed a significant uptick in demand for crypto mining rigs in the country, local news agency VnExpress reported on Monday.

Quang Thuan, owner of a chain store selling cryptocurrency miners across Ho Chi Minh City, said that the company’s sales have tripled in early September over the previous month. He noted that the mining rig market in Vietnam was down before Bitcoin surged back above $50,000 in mid-August.

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The rising demand has triggered notable growth in crypto miners’ prices as some devices are now priced at 5 million Vietnamese dongs ($220) higher than in mid-August, according to local crypto mining enthusiast Ngoc Van. The best-selling miners based on graphics processing units produced by AMD or Nvidia now reportedly cost between $3,500 and $4,400, he added.

According to Le Hung, the

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