As the Value of Bitcoin Increases, There are More People in Singapore Acquire Equipment to start mining.

The mining company SG Mining, Singapore, has noticed a considerable increase in customers who have decided to acquire mining equipment, this, according to the company, it is due to the value that the cryptocurrency has acquired in recent months. The company was selling 15 mining platforms, but now it is seeing sales of around 100 per month. Dexter Ng, one of the members of the team that builds the mining hardware and sells them, told Channel News Asia:

“Customers come in and order 50 rigs on their own. Compared to last time, probably one person only buys one or two. Now we get customers who buy 10, 20 or even 50. “

It should be noted that each of the mining rigs sells for between S$5,000 to over S$6,500, depending on its processing power. The increase in customers was stronger as Bitcoin’s value reached $ 7,800 earlier this month, November 2017. This was in light of the fact that the organizers behind the SegWit2x hard drive had announced that they were suspending the operation due to lack of consensus. However, shortly after that news Bitcoin price fell to $ 5,500 during the weekend, recovering on Monday to $ 6,500.

Stanley Yong, a cryptocurrency researcher, said:

“The price going up is probably a bubble, given that it has reached more than US$7,000 per bitcoin. And the question for us is not whether it is a bubble. But how long this bubble will be there? “

It remains to be seen what future the digital currency has in Singapore. At the end of October, Ravi Menon, the managing director of the Monetary Authority of Singapore (MAS), the country’s central bank, said that the country doesn’t intend to regulate the cryptocurrency or the market in the short-term.

Image: pixabay

source: CCN

Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and / or services. This press release is for informational purposes information does not constitute investment advice or an offer to invest.

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