Since Bitcoin surged from $18,000 to $21,000 on the 14th of January, cryptocurrency miners in Vietnam have been installing more rigs. The prices of other digital currencies such as ETC Aleo, KatERG, and Doge have also seen an increase this month.
Thien Binh, the seller of a cryptocurrency mining machine in Vietnam, reported that people are buying a lot of second-hand Asic Brand rigs for Doge mining. On average, an old Asic Baikal G28 model costs VND13 million ($550.8), a third of the price of a new machine. If the Doge price of $0.08 remains the same for the next few months, miners can break even in 9-10 months.
One veteran miner remarked: “We are buying more rigs because mining is still easy now. If the Bitcoin price holds its current level ($21,000), we will eventually make a profit.”
Binh Minh, who owns several platforms in the south province of Dong Nai, said some people have invested in the creation of large platforms to mine Bitcoin and ETC.
Miners are using solar farms for storage to reduce electricity costs. Most of the electricity is used to power their machines.
Hoang Quan, the manager of a cryptocurrency mining group with nearly 70,000 members, commented that mining is not profitable now due to the current electricity prices and digital currencies. However, the recent surge in cryptocurrency prices is welcome news in the lead up to the Tet (Lunar New Year) holiday, which falls in late January.
Some experienced miners cautioned that although the cryptocurrency market is expanding, it is inherently unpredictable. Miners might face more difficulties in the future.
Vietnam was the country with the highest percentage of cryptocurrency usage, according to market data provider Statista. However, cryptocurrency is not recognised as a legal currency in the country. The central bank warned that cryptocurrencies are risky and do not have legal protection.
