After legalizing Bitcoin, Vietnam is in the mining 'gold rush'

Vietnamese investors are stepping up imports of cryptocurrency mining equipment. As the price of Bitcoin continues to rise - despite the Chinese government's ban on ICOs - investors are eager to get their hands on mining equipment. However, in Vietnam, the legal status of Bitcoin and cryptocurrencies is still unclear, and it is difficult to get mining equipment through customs inspections.

According to a Vietnamese media report:

In Vietnam, the General Department of Customs (GDC) is still considering whether to allow customs clearance of imported Bitcoin mining machines. The Central Bank of Vietnam recently confirmed that it will recognize virtual currencies including Bitcoin as legal currencies and payment tools.

Mining and mining machines in Vietnam

Whether or not the Vietnamese government legalizes bitcoin, investors will try to acquire mining equipment. They want to get bitcoin, litecoin, and ethereum mining machines. Such mining equipment is difficult to obtain and expensive. The report provides more information:

The price of a Bitcoin mining machine online is 30 million to 60 million Vietnamese dong (about 8,700 to 17,000 RMB). A group of computers used for Bitcoin mining consists of 4 to 6 VGAs (video graphics arrays), and the latest generation of machines has 8 VGAs. Just two months ago, a computer parts supplier in Vietnam said that due to the increase in demand from Bitcoin miners, all high-end computers and computers with VGAs were out of stock.

A businessman at a computer store in Hanoi said he has made a lot of money selling Bitcoin mining equipment. However, he also mentioned that mining is complicated and requires a lot of resources. This means that most people end up renting equipment. The out-of-stock phenomenon of mining machines seems to be caused by the news that cryptocurrencies will soon be legalized in Vietnam.

The legal status of Bitcoin in Vietnam

This "gold rush" for Bitcoin mining machines comes as Vietnamese officials have defined the legal status of digital assets. Vietnamese Prime Minister Nguyễn Xuân Phúc approved a plan to study digital assets. The government is also considering legalizing such assets. They are discussing whether they can be reasonably applied in society. Recently, the Central Bank of Vietnam made highly skeptical comments about the technology:

Regarding the import of Bitcoin mining machines, Vietnam has not yet mastered the technology to develop virtual currency. Most companies and individuals involved in virtual currency transactions will face failure. Bitcoin mining requires professional computers, which are very expensive. Due to the mining and its installation, unprepared investors will fail, and qualified investors may protect their capital or make a small profit, and then continue to purchase machines to participate in Bitcoin mining.