Vietnam cryptocurrency miners install more rigs as Bitcoin climbs – VnExpress International

The value of Bitcoin elevated from $18,000 to $21,000 on Jan. 14 and has moved sideways since then. The costs of many different cryptocurrencies, together with ETC, Aleo, Kat and ERG have additionally risen this month.

Thien Binh, a vendor of cryptocurrency mining rigs in Vietnam, mentioned that individuals had been shopping for loads of second-hand Asic model rigs to mine Doge over the previous week.

On common, an previous Asic Baikal G28 mannequin prices VND13 million ($550.8), one-third the price of a brand new machine. If the present Doge value of $0.08 stays unchanged for months, miners will break even after 9-10 months.

A veteran miner mentioned: “We’re shopping for extra rigs as a result of mining continues to be straightforward now. If the Bitcoin value maintains its present stage ($21,000), we’ll finally make earnings.”

Binh Minh, who owns many rigs within the southern province of Dong Nai, mentioned some individuals have closely invested in putting in huge networks of rigs to mine ETC and Bitcoin.

Some miners are depositing their rigs at photo voltaic farms to chop down electrical energy prices and improve earnings. Most miners use grid electrical energy.

Based on Hoang Quan, the administrator of a cryptocurrency mining group with almost 70,000 members, mining just isn’t profitable in the intervening time, due to the present value of electrical energy and cryptocurrencies. However he mentioned the current improve in cryptocurrency costs continues to be excellent news forward of the Tet vacation (Lunar New 12 months), which falls in late January.

Some skilled miners mentioned that though the Bitcoin value is rising, the cryptocurrency market is inherently unpredictable, and miners could face extra difficulties within the coming time.

Vietnam had the second highest fee of cryptocurrency use amongst 74 economies surveyed in 2021, in response to market information supplier Statista.

Nonetheless, cryptocurrency has not been acknowledged as reliable foreign money in Vietnam. Its central financial institution has warned that proudly owning, buying and selling and utilizing cryptocurrency is dangerous and comes with no authorized safety.