According to reports, cryptocurrency mining has increased in Thailand as a result of China’s crypto prohibition
Thailand is one of the nations benefiting from China’s crypto crackdown, with ordinary investors mining cryptocurrency in growing numbers.
Retail cryptocurrency mining in Thailand seems to have benefited from Chinese miners’ surrender in response to the country’s new crypto mega ban, which was implemented in September.
Thai entrepreneurs and cryptocurrency enterprises have increasingly benefited from Chinese miners’ decision to sell their crypto mining equipment, Al Jazeera reported Wednesday. “When China outlawed crypto, we were overjoyed,” one Thai Bitcoin (BTC) fan who later became a miner said.
The miner, who requested anonymity, claimed to have spent roughly $30,000 on a modest solar-powered crypto mining device. “I recovered everything in three months,” he explained.
Pongsakorn Tongtaveenan, another industry entrepreneur, established a reseller company in Thailand, purportedly selling hundreds of Chinese application-specific integrated circuit (ASIC) miners to tiny local investors.
According to Pongsakorn, the price of ASICs such as the Bitmain Antminer SJ19 Pro fell 30% as a result of the Chinese miner withdrawal before stabilising due to increased domestic demand.
Pongsakorn feels that the growing popularity of retail crypto mining in Thailand is a result of both individuals seeking a steady income during the epidemic and investors becoming more enthusiastic about the future of digital assets.
“Bitcoin is the digital world’s gold. However, a mining rig is similar to gold mining stocks in that you are paid dividends based on the gold price,” he said.
Thailand is not the only nation that has profited from China’s crypto mining exodus. Due to China’s crypto crackdown, countries such as the United States, Kazakhstan, and Russia have experienced a large inflow of new crypto mining businesses.
The rising popularity of crypto mining in Thailand corresponds to the country’s burgeoning cryptocurrency adoption, with annual revenue at various local cryptocurrency exchanges jumping to $6.6 million in November 2021 from only $538 million previous year.
In Thailand, institutional demand for cryptocurrency has been steadily increasing as well. Siam Commercial Bank, Thailand’s oldest bank, spent $537 million in early November to acquire a 51 percent share in BitKub, Thailand’s largest cryptocurrency exchange.
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