China suppresses Bitcoin mining in Thailand, larger investors focus on doing business in Laos – Mining Bitcoin News

A report stated that China’s crackdown on Bitcoin mining has led to an increase in the number of Thai investors buying and operating mining equipment. The report added that many of these investors currently earn between US$30 and US$40 per day from each mining equipment.

China’s suppression and its impact on mining machine prices

After China’s continued crackdown on Bitcoin mining forced major players in the industry to withdraw or ship their equipment to more regulated countries, the number of Bitcoin miners in Thailand surged in 2021.

As Al Jazeera explained Report, The brief price drop after the restriction made it possible for many smaller investors to purchase mining equipment from fleeing Chinese miners. Although the price of mining equipment for each new machine has risen to more than $13,000, this shows that the demand for machines has not decreased.

To support the claim that Thai investors are still buying mining equipment, the report quoted businessman Pongsakorn Tongtaveenan who had been buying Antminer SJ19 Pro from miners who fled China and selling it to local investors. In the report, Tongtaveenan proposed why his compatriots invest in mining equipment.

He said:

Bitcoin is the gold of the digital world. But mining equipment is like gold mining stocks: you receive dividends based on the price of gold. There are now approximately 100,000 Thai miners.

Thai investors set their sights on Laos mining

According to the report, some of these miners made 30-40 US dollars by running these machines. For others, such as the conversion of an anonymous Bitcoin enthusiast to a miner, China’s crackdown proved to be an important turning point.

“The moment China banned cryptocurrency, we were ecstatic. I made it all back in three months,” said the miner who claimed to have started his solar mining business with $30,000.

At the same time, it is reported that larger Thai investors are considering setting up operations in neighboring Laos, which has recently issued mining licenses to six companies and where electricity costs are lower. However, like other potential investors, Thai investors who wish to invest in Laos must meet the initial terms, which include the purchase of US$1 million worth of electricity from the Lao National Grid each year and the payment of large operating expenses.

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zinwara

Terence Zimwara is an award-winning journalist, writer and writer in Zimbabwe. He has written a large number of articles about the economic difficulties of some African countries and how digital currencies can provide a way out for Africans.

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