Crypto Mining In Thailand Grows After China’s Crypto Ban

Crypto mining in Thailand grows after the recent mining ban in China and the country is among the few that are capitalizing on China’s crackdown as we are reading more today in our latest crypto news.

Retail crypto mining in Thailand received a boost due to the capitalization of the Chinese miners that were triggered by the country’s ban that was enforced in September. Thai entrepreneurs and crypto businesses were capitalizing on the Chinese mining and got rid of their machines. One Thai-based BTC enthusiast even said that the moment China banned crypto, they were ecstatic. The miner that asked to remain anonymous, claimed to have set up a solar-powered crypto mining unit for $30,000 and he says he made it all back in three months.

Another industry entrepreneur Pongsakron Tongtaveenan started a reselling business for crypto mining devices and sold hundreds of Chinese application-specific integrated ASIC miners to small local investors. As per Pongsakorn, the price of ASICs like Bitmain Antminer SJ19 Pro dropped by 30% due to the Chinese miner exit before going back to normal amid the growing local demand. Pongsakorn thinks that the rise in popularity of retail crypto mining in Thailand is triggered by people that are looking for some stable income during the pandemic but also investors are getting more optimistic about the future of crypto:

“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.”

Thailand is not the only country where mining development benefited from China’s crypto miners’ exodus. Countries like the US, Russia, and Kazakhstan saw a massive influx of mining operations because of the Chinese crypto crackdown. The growing popularity of mining in Thailand comes in line with the surging local crypto adoption and with the turnover at a few other exchanges surging to $6.6 million in November this year from $538 million a year ago. The institutional demand for crypto in Thailand was growing as well but in early November Thailand’s oldest bank Siam Commercial Bank paid $537 million to purchase a 51% stake in BitKub which is the biggest crypto exchange in Thailand.