While the market for cryptocurrency mining machine is going into recession, the purchase of bitcoin online is still busy.
Since the beginning of the year, the continuous decline in value of cryptocurrencies such as bitcoin, ethereum, and bitcoincash, etc. has strongly affected the cryptocurrency mining market in Vietnam.
Selling out to cut loss
Tran Hoang Nhan, owner of an enterprise specialising in importing cryptocurrency mining machines in Hochiminh city said that “in late 2017, when the value of virtual currencies such as bitcoin surged to 20,000 USD, people massively invested in mining machines using VGA card, or specialised mining machines. However, since 2018 until now, when the value of cryptocurrencies continuously declined to only a half or one third of the value, the market for mining machines has been greatly affected. Currency, mining machines using VGA card and specialised mining machines have fallen by half compared to late 2017″.
Information gathered from the companies importing cryptocurrency mining machines in Hochiminh city show that the sale is currently very low. In addition, many users and companies have started to massively sell out their mining machines. Tran Phuc Thinh, managing director of a technology company in Hochiminh city said that in late 2017, his company had several dozens of cryptocurrency mining machines. After that, when the value of bitcoin continuously rose, his company decided to buy several hundreds of mining machines to exploit. “By the first quarter of 2018, since the bitcoin value plummet continuously and the cost of about and location increased, etc. we decided to gradually sell out to avoid serious loss”, said Thinh.
The locations where bitcoin machines are placed also experience a slump. Staff of a coffee shop with a bitcoin machine on Bui Vien Street (district 1) said that the number of people coming to buy bitcoin significantly decline, as they are afraid of suffering loss due to the fall of bitcoin value.
However, unlike what happens to the places where bitcoins are located, the cryptocurrency trading websites remain fairly vibrant.
On April 12, when accessing to bitcoinvn.io and asking about the price of bitcoin and the direct purchase (often called OTC transactions) of two bitcoins, a staff named Mai Thong quoted a price of 160 million dong per bitcoin, the buyer can directly meet the seller at a location in district 4 to agree on the price and transfer money, and the buyer will receive bitcoin after about 30 minutes. “Since bitcoin price is gloomy at around 155-160 million dong per bitcoin, in addition to the people who buy bitcoins to wait for price increase, some other investors are surfing. When the bitcoin price increases or decreases by about 20-30%, they are continuously place selling-buying orders to take profit or cut loss, making the bitcoin floor to be fairly exciting and the sales reach up to several billion dong per day, said Mai.
On the remitano.com site, bitcoin price is similar. Meanwhile, at a point for buying and selling virtual currencies under the businesscoin floor located on Bach Dang Road, Tan Binh district, the staffs are always ready to directly perform the transactions or receive information over the phone to make buying-selling orders from players.
