SG Mining is a firm in Singapore that develops and sells computer rigs that are powerful enough to solve mathematical problems. Dexter Ng, the CTO of SG Mining, says that earlier they were able to sell just two to three rigs in a week but now they can sell in hundreds.
The reason for this increase is that more and more people are starting to invest in bitcoin mining. These rigs solve mathematical problems that earn their owners cryptocurrencies like Bitcoin. Many of these machines are sold in Singapore but some of them go overseas as well.
Japan is one such country that has the most imports of these machines. There is no central body in Japan that oversees bitcoin currency, therefore, getting proper hard data on how many investors are into digital currency is a little difficult. Japan was one of the first Asian countries that recognized Bitcoin and fully legalized cryptocurrencies.
So is Asia driving the Bitcoin craze? It might seem so at one point but not anymore. At one point about 80% of Bitcoin ownership was with Chinese investors but now, Beijing is being cautious. Worried about all the fund outflow, China band all the cryptocurrencies by outlawing ICOs or initial coin offerings. These ICOs are basically public offerings that are invested using digital currencies.
China is not alone in their plight. Even Vietnam has banned all the other digital currencies. Indonesia and India are now considering a regulating body for cryptocurrency as well. Currently there are no regulations in these countries but we would soon see some setup.
Even Singapore changed their previous tone which was moderate to a tone that is extremely cautious. They have started warning their citizens about all the risks that would come up if they choose to invest in cryptocurrencies.
Even then, investors have not stopped from trying their luck in this. In Singapore’s Bitcoin exchange, there are enthusiasts who each put about $100 per week for purchasing digital currency.
If you take every factor into picture, it is hard to say whether Asia is the driver for the Bitcoin craze or not but the continent definitely has a large number of Bitcoin enthusiasts.