Planning to buy a electronic money “miner” using a graphics card from the end of November for 42 million, but until the beginning of this month, Mr. Nam (Cau Giay, Hanoi) decided to take it. However, when he called back to the store, he was startled because the equipment price had increased to 48 million dong, but he had to wait a few days if he wanted to.
A cryptocurrency mining device using VGA.
The “fever” of electronic money “plowing” devices has not shown signs of cooling in Vietnam when it is always “warmed up” by the Bitcoin price continuously peaking. At the end of November, the price per dong stood at 6,100 USD (about 140 million VND) but has doubled today, reaching over 12,200 USD (about 280 million VND). Other currencies also continued to appreciate, even doubling or tripling.
The popular electronic money miners in Vietnam are those that use graphics cards (buffalo VGA), to exploit coins other than Bitcoin, such as ETC, ETH, XMR, ZEC … Normally, a “buffalo” uses six VGA, the “bigger” type, can be fitted with eight or up to 13 cards. Mainly is AMD RX 470, RX 580 … or Nvidia 1060, 1070, 1080 … brands of MSI, HIS, Sapphire, Gigabyte …
The graphics card is also the most expensive component of the miner, with levels ranging from 4 million to several tens of million dong per VGA. The price of this component continuously fluctuates, for example the MSI RX 470 card at the time of “fever” was listed at 7.3 million, an increase of more than a million compared to the stable market. Thus, the price of each “buffalo” can fluctuate tens of million dong.
Bitcoin made a new high, over $ 12,500, today.
“The mining machine market is always changing according to the supply, demand and value of cryptocurrencies”, said Duc Manh, owner of a computer store in Hanoi. “July and August this year witnessed the fever ‘buffalo plowing’, the price is soaring, but customers still buy heavily, even the goods must be ordered in advance but still do not have enough machines to sell.”
However, Mr. Manh said that the fact that many parties “jumped” into this segment helped the market cool down. “Before, there were only a few stores that installed‘ buffalo ’, now a lot of computer shops also operate in this field”, Mr. Manh commented. “Even so, installing‘ buffalo ’this time still brings good income”.
The attractiveness of the cryptocurrency miner market entails a number of ancillary services. In particular, someone opened “buffalo camp” for customers to rent space to place equipment for about 1.5 to more than 2 million dong per machine per month, including electricity bill. Or the service “buffalo modding”, ie software intervention to make VGA “plow” stronger, consume less electricity at the price of 100,000 – 200,000 VND per machine. Some stores also import VGA “portable” with cheaper prices than genuine goods.
“High profits always go hand in hand with great risks, the Bitcoin market is,” said Minh Trung, owner of a “buffalo farm” in Bac Ninh, frankly. “If players see high profits and accept expensive ‘buffalo’ purchases, they only benefit the store, because the income will quickly decrease after that when more people dig together.”
According to Mr. Trung, the safety problem is to participate when the market is stable, of course after having thoroughly researched the risks of this field. “If you buy a high-priced device, the player increases their risk, then the break-even time lasts a month or two,” he said.