Vietnam Miners Invest in More Rigs as Bitcoin Price Recovers

As the value of Bitcoin (BTC) and other cryptocurrencies increases, it can become more profitable for individuals and miners to get more attracted to these currencies.

As a result, Vietnam has seen an increase in the number of cryptocurrency mining rigs being installed. These rigs are used to solve complex mathematical equations to validate transactions and generate new BTCs.

A Vietnam crypto rig merchant identified as Thien Binh confirmed that there has been an increase in the purchase of second-hand Asic brand rigs.

Thien Binh is one of the heavyweights in terms of mining facilities in Vietnam. He owns a couple of rigs in the southern province of Dong Nai. According to Binh, these second-hand Asic brand rigs are used to mine Dogecoin (DOGE). 

Bitcoin Miners Installing Cheap, Old Rigs

The cost of one of these Asic machines (ASIC Baikal G28 model) is around 13 million Vietnamese Dong which is approximately $550.8 representing only one-third of the value of a new rig. Apart from the rigs for mining Dogecoin, people in Vietnam have also been investing huge funds in the installation of a huge network of rigs to mine either Bitcoin or Ethereum (ETH).

“We are buying more rigs because mining is still easy now. If the Bitcoin price maintains its current level ($21,000), we will eventually make profits,” a veteran miner explained. Likewise, if the price of DOGE remained unchanged ($0.08), it is possible that miners will breakeven after about 9-10 months. More so, miners who intend to cut down on electricity costs and other operational costs while making a profit, have moved their rigs to solar farms. 

For now, this venture is not yielding yet in Vietnam due to high electricity costs coupled with the fact that the price of the coin has been fluctuating sideways.

Miners are also not sure of what the coming days hold, especially as the industry is entirely unpredictable. Since BTC rose from $18,000 to $21,000 on January 14th, it has been on several scales. As of the time of this writing, the price of Bitcoin was $22,886.50.