There has been a considerable uptick in crypto mining activity in Vietnam, according to a VnExpress report published on Monday.
Quang Thuan, the owner of a chain store that sells hardware for cryptocurrency miners in Ho Chi Minh City, said that sales have been picking up in the early days of September, compared to a month before.
As Bitcoin is back in an upswing, the crypto mining market in Vietnam seems to be rising right up with it. The currency broke the $51,000-limit for the first time since May, galvanizing dormant miners into action.
This has pushed the cost of devices to $220, higher than in August. The best-performing miners, though, cost around $3,500 and $4,400, Thuan explained.
Le Hung, a local crypto mining community administrator which unites 80,000 people, said that the new rally has once again stoked interest in the cryptocurrency.
Miners are already turning a profit, Hung explained, with Bitcoin, Ether and other currencies of most value to participants.
While Vietnam has not authorized much in the way of crypto, or legalized it, people in Vietnam are free to use crypto and mine it. The industry exists in a grey area where no laws against it exists, but there are no laws that regulate it either.
Vietnam has one of the highest adoption rates of all countries. In August, a survey that petitioned the populations of 26 countries found out that Vietnamese were eager to take up crypto as an alternative to financial and economic uncertainty.