Cryptocurrency Miners are Heading to Asian Market for Cheaper Equipment
International cryptocurrency miners are looking after Asia’s market in order to buy the wanted equipment. The mining items such as graphics processing unit, motherboards and fans can be bought at a 50% cheaper price than in Europe.
Asian’s electronic markets are receiving numerous requests from international buyers. One of the target cities is Hong Kong’s Sham Shui Po market. An advantage is that everyone who decides to buy from this destination will not be charged with the sales tax.
Even if Asia is attracting a lot of foreign investors, especially due to the low prices of the mining equipment, the demands for personal computers felt significantly. The majority of electronics are being manufactured in China. The graphics processing units are designed by Advanced Micro Devices (AMD) and Nvidia.
This year, AMD and Nvidia have argued that most of their profit is due to the sales of cryptocurrency mining equipment. AMD announced about $ 1.48 billion worth, while Nvidia gained $ 150 million worth only from miner investors.
A Singapore-based seller Liu Xiao Yu told Reuters that “There was a customer who asked for a rig with 500 GPU cards, which amounted to over SGD $350,000 ($262,700)…There was another who came by last week asking for 1,000 GPU cards, but I am afraid to accept the offer as supplies are low now.”.
Another one said that “We’ve been selling more these few months and we often run out of stock”.
Of course, the demands for cryptocurrency mining equipment depends a lot on the crypto values. Once the Bitcoin’s price crashes, the demands for mining items are decreasing as well. Now, the Asian electronics market is waiting for cryptocurrency’s value to grow up, so that they could sell more GPUs and other specific electronics that are essential for mining activities.