Vietnamese rush to import bitcoin-mining machines

Though bitcoins are not recognized as legal currency in Vietnam, Vietnamese are still rushing to buy computers with strong configuration to mine bitcoins, leading to a sharp increase in computer imports.

VietNamNet Bridge - Though bitcoins are not recognized as legal currency in Vietnam, Vietnamese are still rushing to buy computers with strong configuration to mine bitcoins, leading to a sharp increase in computer imports.

In Vietnam, investors are seeking profits with bitcoins through two ways, either surfing for investment by trading bitcoins on trading floors, or generating bitcoins themselves with mining machines.

The General Department of Customs (GDC) is still considering whether to allow computers imported to mine bitcoin to get customs 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.

In Vietnam, investors are seeking profits with bitcoins through two ways, either surfing for investment by trading bitcoins on trading floors, or generating bitcoins themselves with mining machines.

However, more and more Vietnamese still rush to invest in bitcoin, linecoin and ethereum, especially after the government instructed ministries to work on a legal framework to control electronic money and virtual currencies.

However, a banker said the government just asked ministries to think of how Vietnam should deal with the currencies, and it doesn’t mean Vietnam will recognize them.

Bitcoins are still attractive in Vietnamese eyes as its price has climbed to a record high. Investors are also interested in ethereum, the currency which analysts believe would become the second bitcoin. Ethereum became 300 times more expensive within one year.

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.

Hai, the owner of a computer shop in Hanoi, said the revenue of the shop once reached VND200 million as it could sell nearly 10 sets of computers for bitcoin mining.

However, observers noted that the amount of bitcoins obtained by Vietnamese through mining is modest, while most of the bitcoins have been bought on trading floors.

“As bitcoin price continues rising, people rush to buy mining machines. However, as the mining is a complicated process, many people have to sell the machines after several months of use, while others lease the machines,” Hai said.

Hai went on to say that it is now more difficult to mine bitcoins because there are too many miners. A mining machine which runs day and night will consume VND2 million worth of electricity.

Nguyen Tri Hieu, a banking expert, said that people are taking risks to invest in bitcoins.