The prices of Bitcoin and Ethereum reached all-time highs, leading to a sharp increase in the demand for buying and selling graphics cards and “buffalo plow” in Vietnam.
Hoang Dung, a cryptocurrency miner in Dong Nai, said he was searching the market to buy an RTX 3080 graphics card to replace the old “buffalo plow” but could not. “The familiar shops all report out of stock, the cards are not enough for pre-orders. Some small merchants raise the card price according to the price of Bitcoin, Ethereum, twice the market price,” Dung said.
On groups specializing in “buffalo plow” cryptocurrencies, every day there are hundreds of new posts by both buyers and sellers. “Demand to buy ‘buffalo and plow’ skyrocketed when Bitcoin peaked. However, most sellers liquidated old machines with high prices. New machines, good prices were bought within a few hours”, Mr. Le Hung, who manages a community of nearly 80,000 members about cryptocurrency mining, said.
Mr. Le Sinh, representative of Star Informatics – a unit specializing in providing mining machines, said: “Graphic cards are sold out on a large scale, supply is not enough demand. Customers who buy machines for mining must order 1-2 in advance. month if you want a good price. Currently, the system only has a few cards available, but the price is very high.”
The most sought-after card models by Vietnamese cryptocurrency miners are the RTX 3060 with an average price of 17 million VND, the RTX3070 priced from 22.5 million VND, the more advanced version, the RTX 3080, which costs nearly 34 million VND. Compared to the previous month, each of these models has increased in price by 30-40%. According to Mr. Sinh, customers buying cards in this period are mainly large farmers, each contract about 10-20 staging, equivalent to 120-180 graphics cards.
Mr. Phan Xuan Quang, a long-time miner in Hanoi, said the demand for graphics cards has actually lasted all year. However, forecasts show that the cryptocurrency market will prosper in the last months of the year, so the need to upgrade and expand “buffalo plow” is more exciting than before.
Risk of losing money when buying cheap cards
“The thirst for graphics cards is sweeping the market since the beginning of the week and has not shown any sign of stopping. The consequences do not stop at the price increase, but also appear a situation of fraud, holding customers’ money and then fleeing.” Mr. Quang said.
Taking advantage of the severely scarce market, some people go online to sell equipment at a stable price, but ask customers to deposit 50-100% of the order value and then disappear. “Only on November 10, on the forum I manage, there were two accusations that merchants received deposits from a few million to several tens of millions of dong, then blocked communication and removed phone sims,” said Mr. Le Hung. speak.
According to Mr. Sinh, the scammers mainly hit the cheap mentality. “While waiting a whole month for stock, many people are eager to buy now because the cryptocurrency market changes so quickly, mining may not be as profitable as it is now. Not to mention, they are worried next month. Card prices continue to be pushed up. Therefore, when there are cheap sellers, ready goods, buyers will rush to deposit and keep the rate. Fraudsters take advantage of this psychology to make profit, “said Mr. Sinh.
He recommends, users should choose to buy a graphics card, miner at reputable addresses, have websites, and stores in real life. In addition, do not deposit too much money. In the condition that it is not possible to buy directly at the store, users should ask to check the goods before paying, to avoid the product being delivered incorrectly.
Meanwhile, Mr. Phan Xuan Quang said that when buying goods on groups, users should update the price list at major systems. If the difference is several million or more, it is necessary to double-check the identity of the seller and only pay in full when receiving the goods.