Mining Hardware Demand on the Rise in Singapore
Nov 16, 2017 Posted / 5615 Views
Following the recent recovery in the price of Bitcoin after a brief downward spike, demand for mining rigs went up in Singapore. Mr. Dexter Ng and his friends built a computer with powerful GPUs specially aiming cryptocurrency mining as a hobby and tried to sell it on facebook. Little did the 29 year old knew that the Rigs would turn into a lucrative business in a short time frame. Mr. Ng sold a couple of the GPUs via facebook before starting a company with his friends. The company started manufacturing mining Rigs and selling them to customers in prices between $5000-$6500 each. The company reported that usually they sell about 15 mining units a month but recently the demand for the rigs have gone up leading to sales of about 50 or even 100 rigs a month. Mr. Ng told a local news channel that usually a person would purchase one or two rigs but currently individuals can purchase 10, 20 or even 50 rigs sigulary. However cases of hiked maintenance costs of the mining asics have been reported by some customers. Mr. Ian Chan a customer at mining.sg and a miner of Zcash told reporters that he prefers to but his rigs in bits so he monitor how often they require technical maintenance.
Just a few days back Bitcoin price was on a consistent downward trend causing a lot of discomfort with the Bitcoin community while Bitcoin cash was significantly gaining value. The surge in the price of Bitcoin cash was cut short and Bitcoin steadily started regain value selling at about $7200 as of the time of this writing.
The increase in Bitcoin price has lead to increase in the demand of the mining hardwares miners would gain more money after selling their Bitcoin at this higher prices. On a twitter post Bitcoin and security Expert Andreas Antopolous said,
"Both Bitcoin and Bitcoin Cash will co exist and serve different user demands just as Bitcoin and Ethereum have co-existed. There is no case of saying Bitcoin cash would replace Bitcoin or vice versa,"
On the hand the prices of Mining rigs have gone high too following their increase in demand, with prices starting at $5000 and going beyond $6500 it is certain that the manufacturers of the mining hardware will definitely make more money than the miners themselves. However for tech savvy people buying rigs spares by spares and building it up by oneself could be a cheaper option of attaining more hashing power. A bitcoin miner well versed with this method was quoted saying,
“Over the counter Rigs are overpriced , but I guess people pay for their absence of skill. You can put one together yourself that performs better for just $2500, once you have found your video cards. When the unit is in your possession you will have to use it and program it. Some units come with windows, so that means you have to run the same card in every slot. Linux is better, you can mix and match video cards between AMD types and NVIDIA types, of course. Who knows when a card goes down if you will be able to find the exact card in timely manner. Power supplies some companies sells are inefficient. Just build your own and find a good source for stockpiling video cards.”
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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