The demand for cryptocurrency mining in Vietnam is skyrocketing as the price of bitcoin continues to rise.

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One cryptocurrency mining rig seller in Vietnam reportedly saw its sales triple in early September, with GPUs selling at premium pricing.

The cryptocurrency mining sector in Vietnam is apparently rebounding amid a resurgent crypto rally, with Bitcoin (BTC) surging 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.

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.

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According to Le Hung, the administrator of a local crypto mining community with nearly 80,000 members, the crypto mining market in Vietnam has heated up due to the renewed crypto rally and the ongoing COVID-19 pandemic. “First, Bitcoin, Ether and other cryptocurrencies have simultaneously seen price hikes, and miners have started to make profits. Second, the pandemic has prolonged, reducing investment options, and so more people have opted for coin mining,” he said.

The Vietnamese government has remained suspicious of the cryptocurrency industry, with the Ministry of Finance warning the public earlier this year that crypto in the nation is unregulated. Vietnamese authorities have been advising the public to shun cryptocurrencies since it was banned as a form of payment in 2018.

Despite the government’s reservations, Vietnam had the highest bitcoin adoption rate of any of the 26 countries in August. Despite having only the 53rd largest economy in terms of GDP, the country previously rated 13th in realised Bitcoin gains for 2020.

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