Due to the ban on crypto in China it seems like mining is increasing in Thailand.
Retail cryptocurrency mining in Thailand appears to be fueled by the surrender of Chinese miners sparked by the country's new ban on the country's mega-cryptocurrency in September. Thai entrepreneurs and cryptocurrency businesses are increasingly taking advantage of Chinese miners getting rid of their cryptocurrency diggers, Al Jazeera said on Wednesday.
“When China banned cryptocurrencies, we were overjoyed,” said a Thai bitcoin (BTC) enthusiast who is a miner. The miner, who wished to remain anonymous, said he built a small solar-powered crypto dig for around $30,000. "I did it all in three months," he said.
Another industrial entrepreneur, Pongsakorn Tongtaveenan, has started a business with a cryptocurrency distributor in Thailand and is believed to have sold hundreds of Chinese miners to small local investors for certain integrated circuits (ASICs). Pongsakorn said the price of ASICs such as the Bitmain Antminer SJ19 Pro fell 30% due to the departure of Chinese miners before normalcy returned amid increasing local demand.
Pongsakorn believes the growing popularity of crypto retail in Thailand is fueled by people seeking steady income during the pandemic, as well as investors being more optimistic about the future of digital assets. “Bitcoin is the gold of the digital world. But mining platforms are like gold mining stocks – you get dividends based on the price of gold,” he said.
Thailand is not the only country whose crypto mining development has benefited from the release of Chinese crypto diggers. Countries like the United States, Kazakhstan, and Russia are seeing a huge influx of new cryptocurrency mining operations due to China's cryptocurrency crackdown. The growing popularity of cryptocurrency mining in Thailand is in line with the fast-growing adoption of local cryptocurrencies, with sales of some local cryptocurrencies surging from just $538 million last year to $6.6 million in November 2021.
The institutional demand for cryptocurrencies in Thailand is also growing significantly. In early November, Thailand's oldest bank, Siam Commercial Bank, paid $537 million to buy a 51 percent stake in BitKub, Thailand's largest cryptocurrency exchange.