There has been a significant increase in mining in Thailand. Thai entrepreneurs are buying equipment from Chinese colleagues who are getting rid of the devices after the mining ban was introduced.
Al Jazeera draws on information from local miners. One of the Thai entrepreneurs said that he organized a small farm for the extraction of cryptocurrencies, and provided it with power from solar panels. The equipment cost him $ 30,000.
“When mining was banned in China, we were ecstatic. My farm paid off in just three months, ”said the miner, who wished to remain anonymous.
Another Thai entrepreneur named Pongsakorn Tongtaveenan decided to take advantage of China’s mining ban to resell hardware. According to him, he sold hundreds of ASIC miners to local small farm organizers. After the introduction of the ban in the Celestial Empire, the prices for equipment fell by 30%, which allowed him to receive a noticeable profit.
As Pongsakorn noted, Thais are launching small mining farms in search of stable and independent income. And the more bitcoin costs, the more interest the locals show in mining.
“Bitcoin is the gold of the digital world. And buying ASIC miners is like stocks in gold mining companies. You receive dividends, the amount of which corresponds to the value of gold. There are now about 100,000 miners in Thailand. ”
Recall that the bans on mining in China began in the middle of this year. In May, a meeting of the China Financial Stability and Development Committee was held, which called for a ban on mining and all Bitcoin trading. After that, Chinese provinces began to impose bans on the supply of electricity to cryptocurrency mining companies. Large Chinese miners have started migrating to other countries. Most of the equipment was transported to Kazakhstan, Russia and the United States.
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