With Bitcoin values soaring once again, mining operations are gaining traction in several countries across the world.
According to Vnexpress, the demand for mining equipment in Vietnam had grown since the beginning of September, when Bitcoin began to establish itself above the $50,000 level.
According to Quang Thuan, a mining equipment shop operator, demand tripled in early September compared to the previous month.
The asset’s value had plummeted by about half since its all-time high in mid-April when Chinese officials launched a national crackdown on mining activity. Bitcoin was valued at $51,700 at the time of publication.
According to mining rig providers, demand has often corresponded with the fluctuation of the Bitcoin price. Notably, more miners are increasing their investments in rigs to recuperate earnings lost during the Bitcoin price dip.
Even though Vietnam is one of the regions with no clear crypto regulation, the nation has seen a surge in Bitcoin demand.
According to recent research, the country has the second-highest rate of cryptocurrency adoption among the 74 countries examined.
Following the Chinese mining crackdown and accompanying price drop, most miners migrated to other friendlier governments such as the United States.
Notably, Bitcoin mining activities have steadily profited in recent months. According to a recent study, Bitcoin mining income increased by 179.4 percent in 30 days between June 27 and July 26, rising from $13.06 million to $36.49 million. The total revenue for the first 30 days was $841 million.