Mining cryptocurrency in Thailand has been on the increase since the crackdown on cryptocurrency in China. Businesses and entrepreneurs have leveraged the ban to make more money from both the mining of crypto and sales of mining equipment.
Thai businesses and entrepreneurs have been taking advantage of the fact that Chinese miners are getting rid of their crypto mining machines, Al Jazeera reported on Wednesday.
Thai Bitcoin (BTC) fan and miner: “We were happy when China banned crypto. We were excited.”
The miner, who wanted to stay anonymous, said he set up a small solar-powered crypto mining unit for about $30,000. He said he spent about that much money. “I got it all back in three months.”
Another person in the crypto mining industry, Pongsakorn Tongtaveenan, started a business selling crypto mining devices in Thailand. He reportedly sold hundreds of Chinese application-specific integrated circuit (ASIC) miners to small Thai investors.
According to Pongsakorn, the price of ASICs like the Bitmain Antminer SJ19 Pro dropped 30% because of the Chinese miner’s exit. The price then went back up because of the growing demand in Thailand.
Pongsakorn thinks that people in Thailand are looking for a steady source of income during the pandemic and that investors are becoming more optimistic about the future of digital assets. Bitcoin is the digital world’s gold. In other words, mining rigs are like stocks in gold mining. You get paid dividends based on the price of gold.
China’s crackdown benefits
Thai crypto mining isn’t the only thing that has gotten a boost from China’s crypto miners leaving the country. Countries like the United States, Kazakhstan, and Russia have seen a huge rise in the number of new crypto mining operations because of China’s crackdown on the trade of crypto.
Crypto mining is becoming more popular in Thailand, which is in line with the country’s growing use of cryptocurrency. In November 2021, the turnover at several local crypto exchanges rose from $538 million to $6.6 million, which is a lot more than last year.
There has also been a big rise in the demand for crypto by businesses in Thailand. When Siam Commercial Bank bought a majority stake in BitKub, Thailand’s biggest crypto exchange, in early November, it paid $537 million. The money came from the bank’s long history.
