There is a global interest in mining cryptocurrencies right now. Buying ASIC machines is a bit of a problematic venture for a lot of consumers, though. Especially when it comes to paying for these items, most people are still wary of companies such as Bitmain. In Singapore, that is no longer much of a problem these days. The country’s shopping malls are putting Bitcoin mining equipment on the shelf. It’s an interesting development that might just make cryptocurrency mining more accessible.
SIM LIM SQUARE OFFERS MINING HARDWARE
For people who are interested in mining cryptocurrencies, using regular computer parts makes a lot of sense. After all, it is easy enough to buy a motherboard, processor, GPU, coolers, and power supply from an electronics store. With this equipment, one can easily mine popular altcoins such as Ethereum, Siacoin, Monero, or others. When it comes to mining Bitcoin, however, there is a need for specialized ASIC equipment. Right now, there’s only one major manufacturer selling this equipment to consumers.
With Bitmain being the clear market leader in this regard, interested parties must put their faith in this particular company. For novice cryptocurrency enthusiasts, that may be a bridge too far. They will need to obtain cryptocurrency to pay for this mining hardware, which makes the whole process even more complicated. A better solution has to be found in this regard, but that is much easier said than done. A few people have made good money by buying this hardware and reselling it for traditional forms of payment at a premium price.
Over in Singapore, it seems a mall known as Sim Lim Square wants to do the same thing. More specifically, there are several stores selling cryptocurrency mining machines as of right now. There seems to be a genuine interest and demand for this type of machinery, with units selling rather quickly. It appears mining Ethereum is still popular for pre-built configurations, but there’s also a growing interest in Bitcoin ASICs. Additionally, there are plenty of people moving their mining rigs to data centers and co-hosting locations, mainly because in-home mining is no longer a feasible option.
Although this is a very interesting trend to keep an eye on, it seems consumers are still on the fence about cryptocurrency mining right now. Some stores are seeing more success than others, depending on the hardware they sell and how high the prices are. General inquiries regarding cryptocurrency mining are on the rise, which can only be considered a good thing. However, that doesn’t mean every person will buy the necessary hardware off the shelf.
There is some good money to be made for stores that choose to take the plunge into cryptocurrency mining. Selling pre-built rigs or even ASIC miners can certainly generate a fair few sales. The profit margins for such products may not be the largest, although some store owners in Singapore charge a 10% markup without too many complaints. Considering that such machines typically cost several thousand US dollars, the 10% profit is not insignificant.
Whether or not we will see similar trends in other parts of the world has yet to be determined. Singapore’s Sim Lim Square has certainly set an intriguing precedent for the rest of the world. That doesn’t mean people will automatically show a greater interest in purchasing mining hardware. At the same time, more and more people want to get involved with cryptocurrencies in one way or another. Buying said currencies as an investment is usually the better approach, but it can also be the more “boring” option of the two.