Miners from all around the world, overflow the Asian bazaars, in search of an advanced piece of technology :cryptocurrency mining rigs.
Places like Hong Kong’s Sham Shui Port and Singapore ‘s Sim Limited Square have become the busiest hubs, where international miners congregate, looking for mining components like motherboards, graphic processing units, fans, power adapters, display cards and memory cards. Even though the advance payment is usually a meager amount, the bargain for the end product is usually high.
The biggest reason for this overcrowding in Asian market for Crypto rigs is basically due to the 30-50% cheaper prices in buying the equipments. On the plus, Hong Kong does not have any sales tax and is closer to the component suppliers. For Popov, a cryptocurrency miner, display cards, motherboards and other equipments are bought from Hong Kong market while Russia, having lower electricity rates, allows him to mine there.
The recent craze in Asian market for rigs, has enhanced the budding business to outshine many other traditional business establishments. Stores which were local before, has now turned to be international hubs for miners from around the globe to gather.
The piled stores filled with rigs are completely monitored by airplane hangers. Strong energized processors find the solutions to mathematical complexities. A mining fee is provided immediately for the work payoff. According to reports, in about three months, miners get back their money but smaller operations take time to initiate payments.
Most mining equipments are manufactured in China with the help of Advanced Micro Devices (AMD) (AMD.O) and Nvidia (NVDA.O). “we’ve been selling more these few months and we often run out of stock”said, Grant Mak of C. Base Computer.
It’s not just profitable for the miners to buy from Asian tech markets, but the shopkeepers have a wholesome gain in selling mining equipments. As said by Jerry Wu, shop manager of Wisetek Digital Technology Co. Ltd, stated that there’s a 50percent greater profit in selling mining equipments than dealing with computer parts.
“The urge to mine cryptocurrency is very strong. The incentive, of course, depends on the price of cryptocurrency. And the price of cryptocurrency is very volatile. But the demand right now or for the last year has been very strong, and we expect it to continue to be strong,” said TSMC’s chairman, Morris Chang.
Asian stores are now concentrating on setting a favorable market experience for the foreigners since there’s high chances of this market flourishing in the long run.