According to reports, Thailand’s crypto mining industry has increased due to China’s crypto ban

As the country’s New Deal triggered the surrender of Chinese miners, Thailand’s retail cryptocurrency mining has clearly been boosted. Encryption Super Ban Enforcement In September.

Thai entrepreneurs and cryptocurrency companies are increasingly using Chinese miners to get rid of their crypto mining machines Al Jazeera Report Wednesday.

“The moment China banned cryptocurrency, we were ecstatic,” a Bitcoin from Thailand (Bitcoin) Said enthusiasts and transformed miners.

The miner, who requested anonymity, claimed to have built a small solar encryption mining device at a price of approximately US$30,000. He said: “I got everything back in three months.”

Another industry entrepreneur, Pongsakorn Tongtaveenan, started a dealer business of encrypted mining equipment in Thailand. According to reports, the company sold hundreds of Chinese application-specific integrated circuit (ASIC) mining machines to small local investors.

According to Pongsakorn, due to the withdrawal of Chinese mining machines, the price of ASICs such as the Bitmain Antminer SJ19 Pro plummeted by 30%, and then returned to normal amid growing local demand.

Pongsakorn believes that people’s search for stable income during the pandemic and investors’ more optimism about the future of digital assets have triggered the growing popularity of retail cryptocurrency mining in Thailand.

“Bitcoin is the gold of the digital world. But mining equipment is like gold mining stocks: you get dividends based on the price of gold,” he said.

Thailand is not the only country that has benefited from the withdrawal of Chinese crypto miners.Countries like this America, Kazakhstan and Russia Due to China’s crackdown on cryptocurrencies, new cryptocurrency mining businesses have flooded in.

related: Thailand will define a “red line” for encryption in early 2022

Cryptocurrency mining is becoming increasingly popular in Thailand and Booming local cryptocurrency adoptionIn November 2021, the turnover of many local cryptocurrency exchanges soared to 6.6 million U.S. dollars from 538 million U.S. dollars last year.

Thailand’s institutional demand for cryptocurrencies has also grown significantly. In early November, Thailand’s oldest bank, Siam Commercial Bank, Pay 537 million US dollars to buy 51% of BitKub shares, Thailand’s largest cryptocurrency exchange.