Many Singaporeans have recently caught up with the Bitcoin craze, they are turning to Bitcoin mining for "passive income", causing a sharp increase in demand.
Increasing Demand for Mining Platforms
Channel News Asia reports how a Singapore-based mining platform manufacturer has seen a sharp increase in sales in recent months. demand for cryptocurrency extraction computers increased to more than 100 platforms per month from July 15 to November 2017.
Increased Cryptocurrency Exchange Users
The demand does not end only platforms alone. In fact, cryptocurrency exchanges such as Coinhako and Quoine both experienced double-digit growth in cryptocurrency demand since the beginning of the year.
The spectacular growth of the various digital currencies in 2017 led to the influx of new investors and helped push up the Bitcoin price from $ 6,000 to $ 7,000 in mid-November 2017, compared to about $ 1,000 in January.
With such phenomenal growth, many people turned to mining to generate passive income and get involved in the cryptocurrency market with growth rates showing no sign of slowing down.