Growing global interest in cryptocurrencies is not limited to trading and investing alone -crypto mining has also become a subject of interest, and businesses in Singapore are adapting to meet the rising demand for crypto mining hardware.
As per a report by Bloomberg, at least 5 computer stores in Singapore’s Sim Lim Square mall (known for its cheap electronics and computer shops) are stocking ready-made, pre-assembled crypto mining rigs.
While some cryptos can be mined using a regular desktop computer, these rigs have greater computing power and are more suitable for serious miners. Comprising graphics processing unit cards, motherboards, and assorted cables, the rigs cost a minimum of $3,000, and are customizable, according to customers’ budgets.
Speaking to Bloomberg, Wilson Josup (a shop owner) said he was selling around 10 rigs per week, and the majority of the customers were buying the rigs to mine Ethereum (which is easier to mine than Bitcoin). Customers reported that running a rig for a full month could net approximately SGD 400-450.
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Josup also revealed that most customers were moving their mining equipment to data centers and co-hosting locations, as opposed to mining in-home. While China has started to clamp down on Bitcoin miners in the country, there are currently no such restrictions in Singapore.
As per TODAYOnline, the customers buying the rigs range from 13-60 years of age, and have included students and even tourists from countries such as China, Malaysia, Indonesia, Japan, and South Korea. However, different stores are seeing varying levels of success – while some are seeing rigs fly off the shelves, others have yet to make a sale, although they have been receiving inquiries from potentially interested customers.
The rising interest in digital currencies and crypto mining equipment comes on the heels of repeated warnings issued by Singapore’s central bank, advising investors to exercise extreme caution when dabbling in cryptocurrencies. While the country’s government has embraced blockchain tech and fintech ventures with open arms, cryptocurrencies are a different matter altogether.
However, interest in cryptocurrencies continues to rise among the general public, and businesses are stepping up to cater to it with ventures such as the cryptocurrency café which opened up in Singapore last month.