Thailand is one of the countries maximizing the crypto crackdown in China. Investors and retailers have been rapidly mining crypto.
Imposed in September, the capitulation of the Chinese miners due to China’s new crypto mega ban stirred the surge of retail cryptocurrency mining in Thailand.
Thai traders and crypto businesses have been taking advantage of Chinese miners laying off their crypto mining machines.
“The moment China banned crypto, we were ecstatic,” says a Thai-based Bitcoin enthusiast, now a miner.
Another affirmed to have set up a $30,000 tiny solar-powered crypto mining device. “I made it all back in three months,” he stated.
Pongsakorn Tongtaveenan, another crypto entrepreneur, launched a reseller firm for Thailand’s crypto mining devices. It was disclosed that he sold hundreds of Chinese application-specific integrated circuit (ASIC) miners to local investors.
As per Pongsakorn’s statement, similar to the Bitmain Antminer SJ19 Pro, the price of ASICs deflated to 30% brought about by the departure of Chinese miners, then returning to usual with the increasing local demand.
Pongsakorn suspects that the growing prevalence of Thailand’s retail cryptocurrency mining is stirred up by individuals seeking for a stable income-generating trading during the pandemic and investors getting hooked on the ensuing tomorrow 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 remarked.
It seems like Thailand is not the only country benefiting from the departure of Chinese miners. The United States, Russia and Kazakhstan are among the countries scavenging from it. These countries have also experienced an enormous flood of emerging crypto mining operations.
The increasing prevalence of Thailand’s crypto mining fits with the flourishing local cryptocurrency adoption. From only $538 million in 2020, the turnover at various local crypto exchanges swelled to $6.6 million in November of 2021.
Thailand’s institutional demand for crypto has been particularly increasing too. Siam Commercial Bank, the oldest bank in Thailand, spent $537 million to purchase a 51% share in Thailand’s biggest crypto exchange, BitKub in November.