Vietnamese investors are in a hurry to import crypto mining equipment. As the bitcoin price continues to flourish — despite the Chinese putting a stop to domestic ICOs — investors desperately want mining equipment. However, the legality of bitcoin and cryptocurrency in Vietnam is unclear, and getting miners through customs is difficult.
A Vietnamese article elaborated: “In Vietnam, The General Department of Customs (GDC) is still considering whether to allow computers imported to mine bitcoin to get custom’s clearance. The State Bank of Vietnam recently affirmed its viewpoint on not recognizing virtual currencies, including bitcoin, as a legal currency and payment instrument in Vietnam.”
Mining and Mining Equipment in Vietnam
Regardless if the Vietnamese government legally recognizes Bitcoin, investors are still trying to get their hands on mining rigs. They are wanting equipment for bitcoin, litecoin, and ethereum. It is just that the rigs have become difficult to obtain and expensive. The article provided more information:
One bitcoin mining machine is offered to sell on internet at VND30-60 million. A set of computers for bitcoin mining comprises 4-6 VGA, while the latest-generation machine has 8 VGAs. Just two months ago, computer component suppliers in Vietnam reported that all computers with strong configuration and VGAs were running out because of high demand from bitcoin miners.
The owner of a computer store in Hanoi, mentioned he generated a lot of revenue as a result of selling bitcoin mining rigs. However, mining is complicated and takes a lot of resources, he said. This means that most people will end up just leasing the equipment. This seems more likely, especially if more powerful systems were running out as a result of the legal status of cryptocurrency in Vietnam.
Legal Status for Bitcoin in Vietnam; Central Bank Commentary
This gold rush for bitcoin mining rigs is occurring as Vietnamese officials determine the legal status of digital assets. News.Bitcoin.com reported the prime minister Nguyễn Xuân Phúc approved a plan to delve into digital assets. However, the government may consider legalizing them. They are considering whether they can be properly integrated into society. More recently, the central bank of Vietnam made a highly skeptical assessment of the technology:
“Regarding the import of Bitcoin machines, Vietnam has not mastered the technology of exploiting virtual money. Most businesses and individuals involved in virtual currency trading will fail. To mine you need specialized computers to dig up Bitcoin and they are very expensive. Due to the “digging” machine installed, unsuspecting investors will fail, qualified investors will also break even or gain a little bit and continue to buy machinery to participate in the Bitcoin digging.”
Do you think Vietnamese mining will continue to pickup? Will the Vietnamese government make mining more or less difficult? Let us know what you think in the comments below.
Images via Shutterstock
Bitcoin.com offers up-to-the-minute charts on bitcoin price and other stats. Our feeds show the bitcoin price index in all three major currencies (USD, CNY, EUR). Also, if you want to dig deeper into how the bitcoin network is performing behind the scenes, check out the statistics page too.