Cryptocurrency Mining Soars in Vietnam – Over 7000 Rigs Imported

[mayurobin]

The Ho Chi Minh City Customs Department has revealed the number of known mining rigs imported into Vietnam in 2017. Over 7,000 rigs were brought into the country, mostly from China, with over 5,000 entering since November. While Vietnam is clamping down on the use of bitcoin as a means of payment, mining rigs are not on the list of prohibited items.

The Ho Chi Minh City Customs Department has revealed that 7,005 bitcoin mining rigs cleared customs from the beginning of 2017 to the middle of December, local publications reported.

Previously, the department announced that it received 98 import declarations for 1,478 mining rigs from January 1 to October 31, valued over $2,182 million, Dan Tri reported.

Then, from the beginning of November to December 21, 2017, the number of mining rigs imported into Vietnam jumped by another 5,527, making the total number of rigs imported 7,005 in total. The 5,527 machines were mostly brought in from China through 8 organizations and individuals, the news outlet noted.

[stompix]

While Vietnam is clamping down on the use of bitcoin as a means of payment, mining rigs are not on the list of prohibited items.

As I read before, payment of any kind in bitcoin are prohibited in Vietnam.

Bitcoin virtual currency and other similar is not lawful means of payment in Vietnam; The issuance, supply, use of bitcoin and other similar virtual currency as a means of payment is prohibited in Vietnam

https://www.sbv.gov.vn/webcenter/portal/vi/links/cm100?dDocName=SBV307772

So, what are you going to do with mining profits?
It's obviously you're going to have to convert them into fiat, and doing this on a foreign exchange does not means you're not breaking the law.

I wouldn't feel comfortable with the government knowing what miner I own, how much I can make and with a fine of 9000$ looming

[Timeme]

Is the electricity in Vietnam cheap? Is it suitable for an investment mining machine? I also want to invest in some mines in Vietnam.