South Koreans are already at the forefront when it came to investing in cryptocurrencies. Recently, however, South Koreans have also started investing in cryptocurrency mining rigs. Many of the high-profile mining rigs like Nvidia GTX 1080 have gained a lot of traction in South Korea.
The demand for the cryptocurrency mining rigs is increasing significantly in South Korea. Also, advanced cooling solutions are also being used by the South Koreans in order to mine the cryptocurrency.
Currently, a CPU like Nvidia GTX 1080 along with the cooling solution comes at a cost of $ 8000. It is one of the most expensive mining rigs in the world currently. However, the hash rate which can be produced by it is unparalleled as well. This is the reason why this mining rig is in great demand.
Demand rising inspired by the correction in cryptocurrencies:
Most of the experts believe that with the correction in cryptocurrenies, the demand for mining rigs will also go down. However, in South Korea the opposite is true. In spite of the fact that Bitcoin and other cryptocurrencies are down by 70% from the recent highs, the demand for mining rigs is just increasing. This is actually good news for the mining rig manufacturing companies like Nvidia.
If indeed, the cryptocurrency miners are able to generate a profit even on these lower prices, when the price rebounces once again, the demand for the cryptocurrency mining rigs will increase once again. As a result, you can be sure that the demand of cryptocurrency mining rigs in South Korea will increase further.
It remains to be seen whether, at the current rate, the cryptocurrency miners are able to generate a profit or not. In many of the cases, the electricity costs are so high that the cryptocurrency miners are not able to generate a significant profit.
With that being said, if the cryptocurrency prices increases, the profit margins will surely go up. Also, if the miners are able to find reliable and affordable sources of electricity, then also the profit margins will keep on increasing. In such a case, the demand for mining rigs will be even higher than what they are currently. Currently, however, it seems like South Koreans are definitely interested in mining cryptocurrencies. Moreover, many of the mining rigs are pretty high which ensures that South Koreans are not going for the affordable mining rig options but the best ones which are available.