Cryptocurrency ban in China fuels Thailand’s mining boom

Cryptocurrency ban in China fuels Thailand’s mining boom

Stock photo via Unsplash

China’s recent ban and crackdown on cryptocurrency has fuelled a cryptocurrency mining boom in Thailand as small investors quickly buy up the equipment that are now useless in China.

In September, China’s central bank declared all digital currency trading and mining illegal. Some of the largest Bitcoin mining operations in the world relocated while many smaller miners are now selling their equipment – like the Bitmain Antminer SJ19 Pro – and Thai buyers are taking advantage of the opportunity.

One Thai entrepreneur spoke with reporters from Al Jazeera and said that those mining cryptocurrency, many running them from their homes, can earn around 1,000 baht to 1,335 baht (US$30 to $40) off of each running machine everyday.

A Bitcoin enthusiast in eastern Thailand, who now mines cryptocurrency using a small solar-powered processor from his garage, told Al Jazeera that “the moment China banned crypto, we were ecstatic.” The miner says he invested 1 million baht in equipment and made it all back in three months.

For larger mining operations, Thai investors are looking into opening bases in neighbouring Laos, where there’s cheap electricity generated by the dozens of mega-dams in the country.

SOURCE: Al Jazeera

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