'Ploughs' were sold massively when Bitcoin plunged
On cryptocurrency groups in Vietnam, many people sell mining systems when Bitcoin and other cryptocurrencies keep falling in price.
Many people decide to sell off their devices as the Lunar New Year approaches. "If we continue to maintain it, my family will lose Tet. Decided to sell 6 1660s cheaply, priced at 90 million dong to recover capital," Huy Hoang sold in a cryptocurrency mining association.
According to Mr. Ngoc Van, administrator of a group specializing in exchanging "buffaloes" with more than 60,000 members, in the past three days, the number of people selling graphics cards and diggers has always been 3-4 times higher than the number of people looking to buy. . "The sudden increase in the number of sellers also creates panic, making more people want to sell even though currently, if the expenses are deducted, the miners still have not had to bear the loss," said Mr. Van.
According to him, most of the cryptocurrency miners in Vietnam mine Ethereum. This cryptocurrency does not fall as strongly as Bitcoin, but the continuous "bottoming out", losing the safe threshold makes the psychology of small miners strongly affected.
"Most of the people selling machines are retail workers, and large-scale farmers are still quietly gathering goods. The market demand is actually still large, but sellers can't liquidate it because they still want to sell old graphics cards. prices are high, but traders still want to squeeze more prices," said Binh Minh, owner of a longtime cryptocurrency mining camp in Dong Nai.
The price of "buffalo plow" is also chaotic. Along with the Asus TUF-GTX1660-6G graphics card, some sellers cost 9.5 million this morning. A few hours later, another miner advertised at 8 million VND and was ready to reduce it further. Meanwhile, if you buy new at stores, this VGA costs about 11.5 million VND.
According to a longtime cryptocurrency miner in Hanoi, the price of graphics cards is different because most of them are used. Sellers base their pricing on mining speed, warranty period, and appearance. "However, graphics cards are no longer in stock like a few months ago. Small, inexperienced miners often choose to buy new ones. While long-time miners have little need to expand their 'farm' when the market is in a hurry. go down," the person said.
Another reason why graphics cards and miners are for sale is because many people worry that when the market fluctuates, miners from China will "discharge". At that time, the price of old cards in the country could not be competitive.
"The worst scenario is that the 'crypto winter' comes, cheap goods from China are massively imported. Even though the big miners here have left, the source of cards floating in the market is still very large. Most of them The mining rigs in Vietnam originate from here. If the market continues to plunge, in just a few weeks, the price of graphics cards will drop sharply," Van predicted.