The boom in crypto mining and rise in bitcoin price led to the shortage of GPUs globally. That is why miners headed to Hong Kong and Singapore for cheaper rigs.
Graphics cards are an efficient way to mine cryptocurrencies. As a result, the price of these GPUs is scaling through the ceiling. A good card can make good profits over a year.
According to the retailers, during the crypto market correction, there has been a dip in the demand for cards. But now as the bitcoin prices are rising, it has been speculated that the GPU depends will surpass that of last year.
Retailers are trying to take advantage of this situation, by speculation of the prices. For example, the market players like Amazon will try to profit from the current scenario.
Miners are coming to Asia to purchase mining hardware.
Sim Lim Square in Singapore and Sham Shui Po in Hong Kong are packed with people for these rigs. The primary reason for Hong Kong being a hot place for these purchases is that there is no sales tax here. Moreover, the place is closer to the component manufacturers of China.
It’s 30-50 percent cheaper to buy equipment related to crypto-mining in Hong Kong than in Europe.
One of bitcoin miner