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Author Topic: [2018-08-13] Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban Looms  (Read 50 times)
ruthbabe
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August 13, 2018, 02:30:45 PM
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Vietnamese businesses and individuals have stopped importing Bitcoin mining equipment into the country since the beginning of July, according to the Ho Chi Minh City Customs Department. This follows the government’s efforts to pass a law banning the import of Bitcoin mining rigs into Vietnam.

Business and individuals in Vietnam used to import a large number of crypto mining rigs into the country. Last year, the Customs Department of Ho Chi Minh City (HCMC) cleared more than 7,000 Bitcoin and Litecoin miners. Meanwhile, the Customs Department of Hanoi imported 190 Bitcoin miners and 350 Litecoin miners, Vietnam Biz reported Wednesday.

See more for yourself, here.

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August 13, 2018, 04:02:31 PM
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Vietnamese businesses and individuals have stopped importing Bitcoin mining equipment into the country since the beginning of July, according to the Ho Chi Minh City Customs Department. This follows the government’s efforts to pass a law banning the import of Bitcoin mining rigs into Vietnam.

Business and individuals in Vietnam used to import a large number of crypto mining rigs into the country. Last year, the Customs Department of Ho Chi Minh City (HCMC) cleared more than 7,000 Bitcoin and Litecoin miners. Meanwhile, the Customs Department of Hanoi imported 190 Bitcoin miners and 350 Litecoin miners, Vietnam Biz reported Wednesday.

See more for yourself, here.



Its simple where they are heading with this decisions of theirs because they have made their position known on the side they belong to as to whether to support crypto or not. I am actually not surprised that countries that are still grappling with development are quick to go the route of ban rather than looking for ways to harness the potential of the technology. It was reported in the article on how they felt the importation is too easy, whats wrong in issuing an executive order to ensure that some controls are put in place by without losing the revenue arising from import duties from such items.

Unfortunately, they won't be able to stop it. Command banks not to have anything to do with crypto and people would trade among themselves using the same banks as the machinery to aid such trades. The most victory for the entire crypto industry is that even if they ban it effectively, it will have little or no effect on price.


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gentlemand
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August 13, 2018, 06:23:43 PM
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Then presumably you just import them in pieces and put them back together again. There's nothing all that unique about them as actual units, bits of circuitry and some add ons for cooling and power.

Is it even worth mining in Vietnam?

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August 13, 2018, 10:53:12 PM
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Then presumably you just import them in pieces and put them back together again. There's nothing all that unique about them as actual units, bits of circuitry and some add ons for cooling and power.

Prohibition might create a black market, but it'll likely cut the market down in size, and maybe that's the point. From what I've read, outages are common in Vietnam. Maybe they're trying to deter miners for that reason.

Is it even worth mining in Vietnam?

Looks like 7-8 cents per kWh on average. And it's a warm/hot climate. Then you might have to factor in import tariffs. I imagine there are better places to mine.

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August 16, 2018, 06:47:30 PM
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I dont think Vietnam is the place to mine bitcoin. there are many other better countries to do so.
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August 16, 2018, 06:56:18 PM
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Then presumably you just import them in pieces and put them back together again. There's nothing all that unique about them as actual units, bits of circuitry and some add ons for cooling and power.

Is it even worth mining in Vietnam?
From what I remembered in the news a few months ago a lot of Chinese cryptpcurrency mining companies and individuals have their operations relocated in some Southeast Asian countries one of them is Vietnam as they allegedly have cheaper electricity and other cost. I don't know how the Chinese who have relocated in Vietnam will handle this if some tougher ban will take place they have to move quickly with this one.

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August 16, 2018, 09:49:11 PM
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Then presumably you just import them in pieces and put them back together again. There's nothing all that unique about them as actual units, bits of circuitry and some add ons for cooling and power.

Is it even worth mining in Vietnam?
From what I remembered in the news a few months ago a lot of Chinese cryptpcurrency mining companies and individuals have their operations relocated in some Southeast Asian countries one of them is Vietnam as they allegedly have cheaper electricity and other cost. I don't know how the Chinese who have relocated in Vietnam will handle this if some tougher ban will take place they have to move quickly with this one.
They will keep moving. I don't know the price of electricity in nearer countries but I doubt Vietnam has the best rates..

Then presumably you just import them in pieces and put them back together again. There's nothing all that unique about them as actual units, bits of circuitry and some add ons for cooling and power.
Indeed. But if severe sanctions will took place then those miners will be busted easily.
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