The cryptocurrency mining marketplace in Vietnam is reportedly reviving amid the renewed crypto rally, where Bitcoin (BTC) has surged in a higher place $51,000 for the first time since May.

Crypto-related entrepreneurs and enthusiasts in Vietnam have witnessed a significant uptick in need for crypto mining rigs in the state, local news agency VnExpress reported on Monday.

Quang Thuan, owner of a concatenation store selling cryptocurrency miners across Ho Chi Minh City, said that the company's sales have tripled in early September over the previous month. He noted that the mining rig marketplace in Vietnam was down before Bitcoin surged back above $l,000 in mid-August.

The rising need has triggered notable growth in crypto miners' prices every bit some devices are now priced at v million Vietnamese dongs ($220) higher than in mid-August, according to local crypto mining enthusiast Ngoc Van. The acknowledged miners based on graphics processing units produced by AMD or Nvidia now reportedly cost between $iii,500 and $4,400, he added.

According to Le Hung, the administrator of a local crypto mining community with nearly 80,000 members, the crypto mining market in Vietnam has heated upwards due to the renewed crypto rally and the ongoing COVID-19 pandemic. "First, Bitcoin, Ether and other cryptocurrencies have simultaneously seen price hikes, and miners take started to make profits. Second, the pandemic has prolonged, reducing investment options, then more people have opted for coin mining," he said.

Related: Nvidia fails to sell as many crypto-mining GPUs as expected in Q2

The Vietnamese government has maintained a skeptical stance on the cryptocurrency industry, with the Ministry of Finance warning the public earlier this year that crypto is unregulated in the state. Afterward banning cryptocurrency as a means of payment dorsum in 2022, Vietnamese authorities have been urging the population to avoid crypto.

Despite hesitation from the government, Vietnam had the highest cryptocurrency adoption rate in August amongst 26 other countries. The country previously ranked 13th in realized Bitcoin gains for 2022 despite having only the 53rd largest economy based on gross domestic production.