The capitulation of Chinese miners prompted by the country’s new crypto mega ban, which was enacted in September, appears to have boosted retail cryptocurrency mining in Thailand.
“We were pleased when China outlawed crypto,” claimed one Thai Bitcoin (BTC) miner.
The unidentified miner claimed to have spent around $30,000 on a modest solar-powered crypto mining machine. He added, “I made it back in three months”.
Pongsakorn Tongtaveenan, another industry entrepreneur, created a crypto mining device reseller business in Thailand, selling hundreds of Chinese application-specific integrated circuit (ASIC) miners to tiny local investors, according to reports.
According to Pongsakorn, the price of ASICs such as the Bitmain Antminer SJ19 Pro fell by 30%. As a result of the Chinese miner leave before recovering to normal due to increased local demand.
Digital assets are driving the rise in popularity in Thailand
People looking for a steady income during the pandemic. As well as investors becoming more confident about the future of digital assets. According to Pongsakorn, are driving the rise in popularity of retail crypto mining in Thailand.
“Bitcoin is the digital equivalent of gold”. “However, a mining rig is similar to gold mining stocks in that you get dividends based on the price of gold”, he explained.
Thailand isn’t the only place benefiting from China’s crypto mining withdrawal. As a result of China’s crypto crackdown, countries such as the United States, Kazakhstan, and Russia have experienced a surge in new crypto mining operations.
The rising popularity of cryptocurrency mining in Thailand coincides with the country’s burgeoning cryptocurrency adoption. With turnover at various local crypto exchanges jumping to $6.6 million in November 2021. Up from $538 million the previous year.
Thailand has seen a significant increase in institutional demand for cryptocurrency. Siam Commercial Bank, Thailand’s oldest bank, spent $537 million for a 51% share in BitKub, the country’s largest cryptocurrency exchange, in early November.