Many Singaporeans have recently caught up with the Bitcoin craze, they turn to Bitcoin mining for ‘passive income,’ causing a sharp increase in demand for mining rig and graphics cards in the country.
Sharp increase in mining rigs demand
Channel News Asia reports how one Singapore-based mining rig manufacturer has experienced a sharp increase in sales in recent months as the demand for cryptocurrency mining computers has increased to more than 100 rigs per month as of November 2017 from about 15 in July.
Increase in cryptocurrency exchange users
The demand does not only end in mining rigs alone. In fact, cryptocurrency exchanges such as Coinhako and Quoine have both experienced double-digit growth in the demand for cryptocurrencies since the beginning of this year.
The spectacular growth of the various digital currencies in 2017 has led to a high demand for mining hardware in Singapore and around the world.
The influx of new investors has consequently helped pull the Bitcoin price as it increases between $6,000 and $7,000 in mid-November 2017 from around $1,000 in January.
With such phenomenal growth, a lot of people have turned to mining to generate a passive income and become involved in the cryptocurrency market with the growth rates showing no signs of slowing down.