Crypto mining reportedly rises in Thailand due to Chinese crypto ban

Retail
cryptocurrency
mining
in
Thailand
has
apparently
received
a
boost
due
to
the
capitulation
of
Chinese
miners
triggered
by
the
country’s
new

crypto
mega
ban
enforced

in
September.

Thai
entrepreneurs
and
cryptocurrency
businesses
have
been
increasingly
capitalizing
on
Chinese
miners
getting
rid
of
their
crypto
mining
machines,
Al
Jazeera

reported

Wednesday.

“The
moment
China
banned
crypto,
we
were
ecstatic,”
one
Thai-based
Bitcoin
(BTC)
enthusiast
turned
miner
said.

The
miner,
who
asked
to
remain
anonymous,
claimed
to
have
set
up
a
small
solar-powered
crypto
mining
unit
for
about
$30,000.
“I
made
it
all
back
in
three
months,”
he
said.

Another
industry
entrepreneur,
Pongsakorn
Tongtaveenan,
started
a
reseller
business
for
crypto
mining
devices
in
Thailand,
reportedly
selling
hundreds
of
Chinese
application-specific
integrated
circuit
(ASIC)
miners
to
small
local
investors.

According
to
Pongsakorn,
the
price
of
ASICs,
like
the
Bitmain
Antminer
SJ19
Pro,
collapsed
30%
due
to
the
exit
of
Chinese
miners
before
returning
to
normal
amid
the
growing
local
demand.

Pongsakorn
believes
that
the
increasing
popularity
of
retail
crypto
mining
in
Thailand
is
triggered
by
people
looking
for
a
stable
income
during
the
pandemic
as
well
as
investors
getting
more
optimistic
about
the
future
of
digital
assets.

“Bitcoin
is
the
gold
of
the
digital
world.
But
a
mining
rig
is
like
gold
mining
stocks

you’re
paid
dividends
according
to
the
gold
price,”
he
said.

Thailand
is
not
the
only

country
whose
crypto
mining
development
has
benefited

from
China’s
crypto
miners’
exit.

Countries
like
the
United
States
,
Kazakhstan
and
Russia
have
seen
a

massive
influx
of
new
crypto
mining
operations

due
to
the
Chinese
crypto
crackdown.



Related:




Thailand
to
define
‘red
lines‘
for
crypto
in
early
2022

The
growing
popularity
of
crypto
mining
in
Thailand
comes
in
line
with
the

booming
local
cryptocurrency
adoption
,
with
the
turnover
at
several
local
crypto
exchanges
surging
to
$6.6
million
in
November
2021
from
just
$538
million
last
year.

The
institutional
demand
for
crypto
in
Thailand
has
been
notably
growing
as
well.
In
early
November,
Thailand’s
oldest
bank,
Siam
Commercial
Bank,
paid
$537
million

to
buy
a
51%
stake
in
BitKub
,
Thailand’s
biggest
crypto
exchange.

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