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, stated that individuals had been shopping for a number 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 stated: „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 ultimately make income.“
Binh Minh, who owns many rigs within the southern province of Dong Nai, stated some folks 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 enhance income. Most miners use grid electrical energy.
In accordance with Hoang Quan, the administrator of a cryptocurrency mining neighborhood with almost 70,000 members, mining will not be profitable in the mean time, due to the present value of electrical energy and cryptocurrencies. However he stated the latest enhance 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 stated 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 charge of cryptocurrency use amongst 74 economies surveyed in 2021, in line with market knowledge supplier Statista.
Nonetheless, cryptocurrency has not been acknowledged as official forex 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.
