Singaporean Mining.sg Reports Growing Hardware Demand
Mr. Dexter Ng of Immunology firm Mining.sg has reported rising need for his company’s cryptocurrency mining hardware. Mr. Ng told Channel News Asia which “customers come in and order 50 rigs on their own.”
It Has Been Reported That Singaporean requirement for Mining Hardware Is Growing
Mr. Ng’s business began when he and his buddies started making strong computers specially constructed for cryptocurrency exploration. The 29-year old said they then “posted photos on the web, on Facebook, and folks started asking just how much is this and they wanted [to] purchase it… So I sold it to people who queried on Facebook, and after a while, we started selling several around Facebook, therefore we decided to integrate this corporation.”
Mr. Ng reports experiencing a new sudden spike in demand for his company’s cryptocurrency mining rigs. Recently, the company reports having sold roughly 100 rigs per month — a substantial increase from the 15 units that firm sold in July of this year. Mr. Ng says that formerly “probably 1 person just buys one or two.
Mr. Ian Chan, a customer of Mining.sg, describes his initial trepidation when deciding to purchase cryptocurrency mining hardware. “Calculating the percentage of yield is 1 thing but suppose this system daily gives me trouble, at which I want to debug or anything. To me, am I purchasing something which I want to work on daily? From that angle, even if I start with purchasing 20 units, then 20 times multiplied. So I start with you, give it a try and if it is great, then I gradually increase my investment in that.” Mr. Chan currently mines Zcash.
Mr. Chan’s cryptocurrency mining rig generates an income of roughly S$300 ($220 USD). Without factoring the energy costs incurred by running the rig, Mr. Chan predicts that he will break even on his investment at approximately two years. Ryu, Mr. Chan’s 13-year-old kid, owns a mining rig also.
Last month, the managing director of the Monetary Authority of Singapore (MAS), Ravi Menon, told press that the MAS does not intend to regulate cryptocurrencies in the not too distant future, stating “as of today I see no basis for needing to regulate cryptocurrencies.” Mr. Menon said that the MAS plans to “look at the activities surrounding the cryptocurrency and asking ourselves what types of risks they pose, which threats could take a regulatory response, and then proceed from there,” including that “hardly any authorities regulate cryptocurrencies per se. Many have taken the way the money itself does not pose the threat that warrants regulation.”
This day, it was noted that Singaporean institutions had shut the accounts of organizations supplying payment services that were cryptocurrency. The MAS addressed the account closures, stating that it does not interfere with the commercial choices of banks, “such as those in regard to the establishment and termination of business associations.”
Would you think that mining requirement will keep growing despite the current volatility in the purchase price of bitcoin? Share your thoughts in the comments section below!
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Released at Tue, 14 Nov 2017 22:30:13 +0000