Miners buy machines to mine new cryptocurrencies
Miners buy machines to mine new cryptocurrencies, Hundreds of millions of dong (VND100 million = $4,400) are being spent by investors on computers and network equipment to mine a new cryptocurrency called Pi.
According to Nguyen Son, a crypto miner in Binh Dinh Province, “many mentioned on Facebook that running [software] Pi Node on computers can make more than mining Pi on cellphones.”
The Pi Node is supposed to be able to mine cryptocurrency, which is a method of verifying and creating currency in which powerful computers compete to execute transactions.
“I spent VND120 million on ten PCs to run Pi Node, and every day I mine 150 Pi,” Son explained.
Risk involved in cryptocurrency investment
Despite the fact that he has yet to utilize the cryptocurrency, he is willing to take the risk that comes with such an investment.
Pi Node must be run continually to achieve the best level of reliability. As a result, the more time cryptominers spend on the application, the more money they earn.
Tai, a Facebook group member who frequently discusses cryptocurrencies, explained: “On cellphones, the quantity of Pi gained is momentarily logged. They will only be saved on the blockchain once your account has been validated and the Pi Network has reached mainnet “..
Tai runs Pi Node on around 50 mining machines in a 100 square meter space, largely for friends who have asked him to do it for them.
Every rig has its own Internet connection.
“It’s fine to run all of them on one Internet line,” he continued, “but the efficiency will suffer.”
Tai claims that running all of the mining rigs costs him roughly VND30 million each month, and he hopes to run a total of 250.
The computers of an investor were used to mine Pi, a new cryptocurrency.
Risk vs profitability in crypto investment
Since last November, when speculations circulated that the cryptocurrency will soon be worth hundreds of dollars, an increasing number of Vietnamese have expressed interest in the Pi Network.
According to data from cryptocurrency portal Pi-blockchain, Vietnam is among the top three countries in terms of active Pi nodes.
According to data from SimilarWeb, Vietnam ranks fourth in terms of website traffic, trailing only the United States, India, and Russia.
Pi’s resurgence coincides with Twitter’s 1,000th day. Its creators claimed that 29 million people have downloaded it around the world.
During the celebrations, however, no information regarding the project’s next stage was provided, disappointing many Pi owners who had waited over three years to utilize their devices.
Some experts have cautioned consumers to be cautious to prevent being cheated, claiming the project lacks transparency.