Cryptocurrency mining rigs offer new business avenue to computer shops, The Indian Express

Pc shops like those te Hong Kong and Singapore are receiving visitors that seek to fulfill one aim: set up a cryptocurrency mining equipment.

Some of the thickest electronics bazaars ter Asia are being flooded with customers looking for the latest lump of technology: cryptocurrency mining equipments. Scores of miners from around the world are travelling to places like Hong Kong’s Sham Shui Po and Singapore’s Sim Lim Square to buy the equipments, which the shops’ hardware geeks expertly build behind counters ter their cramped boutiques.

Some miners only buy components: a motherboard, graphic processing units, ventilatoren, power adapters, a display card and a memory card. But even if the vendors assemble them on the spot for a puny toverfee, the finished product is usually still a relative bargain. “It’s 30-50 procent cheaper to buy equipment related to cryptomining ter Hong Kong than ter Europe,” Russian Bitcoin miner Dima Popov said. Hong Kong, for example, has no sales tax and is closer to component suppliers.

Popov buys display cards, motherboards and power supplies ter Hong Kong and mines cryptocurrencies te Russia, where violet wand is cheaper and the climate is more suitable. The request for the equipments has added a fresh dimension to Asia’s tech shopping hubs whose once bustling business fizzled out ter latest years succesnummer by waning request for private computers. Storefronts that once catered mostly to locals, selling phones and other consumer gear, are now welcoming foreign visitors searching for hardware that might make them rich.

The equipments are often stacked te warehouses spil large spil airplane hangars and are monitored permanently.

Each unit contains energy-intensive processors that solve sophisticated mathematical computations. When they do so, they are awarded them the right to validate a blockchain transaction, earning them a ‘mining’ toverfee. One cryptocurrency pro said anecdotal evidence suggests on average miners would get their money back ter about three months. But those with petite, home-based operations might have to wait much longer for a payoff.

Te Hong Kong, shopkeepers say most buyers come from Russia, but they have had clients from western Europe, Africa and South Korea. Singapore sees visitors from neighbouring countries with cheaper operation costs. Their mining machines’ parts are mostly manufactured te China using chips from Advanced Micro Devices (AMD) and Nvidia, who are looking for uitvoer customers amid fears that Beijing will crack down on cryptocurrency miners.

Samsung Electronics, the world’s thickest microchip producer, said ‘explosive’ request for the graphics processors used ter mining cryptocurrencies is driving fresh growth. (Opstopping Photo)

“We’ve bot selling more thesis few months and wij often run out of stock” spil miners stir elsewhere and components flood out of China, said Grant Mak of C Base Pc. Jerry Wu, shop manager of Wisetek Ditigal Technology Co Ltd, says selling cryptocurrency mining equipment is 50 procent more profitable than selling rekentuig parts and brings him HK$50,000 to 60,000 ($6,400-$7,673) a month ter profits. “The revenue is large,” Wu said.

Spil miners hunt for deals on gear, chipmakers see chance. Equipments can cost anywhere from a few thousand dollars to ems of thousands or more – and processing chips are the priciest component.

Samsung Electronics, the world’s largest microchip producer, said ‘explosive’ request for the graphics processors used te mining cryptocurrencies is driving fresh growth.

“A share of clients from the virtual currency industry is expected to grow dramatically this year te our foundry customer base,” Lee Sang-hyun, vice voorzitter of Samsung’s foundry business, said during a conference call. Taiwan’s Advanced Semiconductor Engineering predicted an upswing te request this year for chips used for mining equipments.

And Taiwan Semiconductor Manufacturing Co Ltd (TSMC) , the world’s No 1 foundry by revenue and volume, has embraced cryptocurrency mining spil a business venture. But they know how rapid that could switch. “The urge to mine cryptocurrency is very strong. The incentive, of course, depends on the price of cryptocurrency. And the price of cryptocurrency is very volatile. But the request right now or for the last year has bot very strong, and wij expect it to proceed to be strong,” TSMC’s chairman, Morris Chang, said on an earnings call last month.

Each unit contains energy-intensive processors that solve elaborate mathematical computations. (Pic Source: Reuters)

Singapore’s smaller version of Sham Shui Po, the electronics shopping centre at Sim Lim Square, is also eyeing enhanced request for mining equipment. Anuj Agarwal, a 39-year-old consultant for his brother’s shop, Bizgram, said he has dealt with buyers from Vietnam, Malaysia, Indonesia and Russia. “Foreigners come to Singapore spil there is instantaneous supply of mining equipments here, and they trust Singapore spil a country,” he said, adding that some were spil youthful spil 16 and came with their parents.

Nearby at Video-Pro, Liu Xiao Yu said he cannot keep up with the request. “There wasgoed a customer who asked for a equipment with 500 GPU cards, which amounted to overheen S$350,000 ($262,700),” Liu said. “There wasgoed another who came by last week asking for 1,000 GPU cards, but I am afraid to accept the suggest spil supplies are low now.” One equipment with GPUs usually has six to 12 such cards.

Vendors say the 60 procent druppel from an all-time high of close to $20,000 did not deter their regular customers, who tend to own large mining operations. “Individual players may be freaked out, but the big players do not indeed mind. Big players are our major customers,” said Roy Chan, shop manager of BNW Technology te Hong Kong. Te Singapore, some sellers eyed a 40 procent druppel te revenue spil Bitcoin prices tanked, but the shops are unfazed.

“Once the value of Bitcoin increases again, wij will receive numerous calls and emails from customers all overheen the world,” Agarwal from Bizgram said.

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