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Demand for bitcoin (BTC) mining rigs has increased by threefold in Vietnam since late August when the global crypto markets started showing signs of a fresh bull run. Market participants in the region say the prolonged COVID-19 pandemic has also made investors turn to crypto mining, according to a Vnexpress<\/i> report on September 6, 2021.<\/strong><\/p>\n The price of bitcoin (BTC) and other cryptocurrencies have been showing signs of recovery from the more than 50 percent dip experienced in May, triggering fresh interest in bitcoin mining activities in Vietnam.<\/span><\/p>\n Per <\/span>sources<\/span> close to the latest development, bitcoin mining rig sellers in the region have seen a three-fold increase in sales since late August\/ early September, as the prolonged COVID-19 pandemic lockdown, coupled with the rising prices of digital currencies, has made crypto mining the preferred choice of investment for residents once again.<\/span><\/p>\n Commenting on the matter, Le Hung, a crypto mining group administrator with 80,000 members said:<\/span><\/p>\n \u201cFirst, bitcoin, ether, and altcoins have all seen price hikes, and miners have started making profits again. Second, the pandemic has prolonged, reducing investment options, and so more people have opted for crypto mining.\u201d<\/strong><\/p>\n<\/blockquote>\n The Chinese government took its unending crackdown on bitcoin and other cryptocurrencies to another level earlier in May 2021, when it outlawed Bitcoin mining operations.\u00a0<\/span><\/p>\n While the move initially devastated miners in the region and caused a significant drop in Bitcoin\u2019s hashrate and mining difficulty, normalcy is gradually returning to the industry as miners have now migrated to more crypto-friendly jurisdictions like North America, Kazakhstan, and others.<\/span><\/p>\n It\u2019s worth noting that China\u2019s loss of its bitcoin mining power has been described by some observers as a blessing in disguise for the ecosystem, as the nation heavily relies on coal for electricity generation instead of renewables.\u00a0<\/span><\/p>\n<\/span>Vietnamese Bitcoin Mining Ecosystem Bubbling<\/strong><\/span><\/h2>\n
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<\/span>China\u2019s Loss Vietnam’s Gain<\/strong><\/span><\/h2>\n