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China’s recent cryptocurrency ban and crackdown has fueled a cryptocurrency mining boom in Thailand as small investors quickly buy equipment that is now unnecessary in China.
In September, China’s central bank declared all trading and exploitation of digital currencies illegal. Some of the world’s largest Bitcoin mining operations have relocated as many miners are now selling their equipment – like the Bitmain Antminer SJ19 Pro – and Thai buyers are seizing the opportunity.
A Thai entrepreneur spoke to Al Jazeera reporters and said those who mine cryptocurrency, many of which run it from their homes, can earn around 1,000 baht to 1,335 baht (US $ 30-40 ) on each machine running every day.
A Bitcoin enthusiast in eastern Thailand, who now mines the cryptocurrency using a small solar-powered processor from his garage, told Al Jazeera that “at the time China banned the crypto, we were delighted “. The miner says he invested 1 million baht in the equipment and got it all back in three months.
For larger digital crypto mining operations, Thai investors plan to open bases in neighboring Laos, where cheap electricity is generated by the country’s dozens of mega-dams.
SOURCE: Al Jazeera
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