Bitcoin’s lucrative mining is reportedly on the rise in Thailand – thanks to cheap leftover hardware bought from China, Al Jazeera reported.
More than 50% of the industry was forced to relocate in May after China imposed a ban on cryptocurrency mining and while major operations found their new bases in countries like the US, Kazakhstan and Canada, smaller players sold their equipment to Thai entrepreneurs.
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According to the report, retail crypto miners in Thailand are buying mining platforms in large quantities.
“Chinese miners have got rid of their machines and the price has dropped by 30 per cent,” explained Thai entrepreneur Pongsakorn Tongtaveenan.
Tongtaveenan is one of many small investors that have captured the redundant computer processors needed to mine Bitcoin and sent them to Southeast Asia.
“There are now about 100,000 Thai miners,” says the 30-year-old entrepreneur, who managed to sell hundreds of units across the country as small players jumped into the mining business.
“At the time China banned cryptocurrencies, we were thrilled,” said another Bitcoin miner, who launched a small solar-powered processor from his garage in eastern Thailand. Al Jazeera.
Home cryptocurrency mining industry
“Bitcoin is the gold of the digital world. But mining equipment is like gold mining stocks: you are paid dividends according to the price of gold, ”says Tongtaveenan.
He took the opportunity and took unwanted equipment, mostly Bitmain Antminer SJ19 Pro, and shipped the equipment from Shenzhen to Thailand.
This has boosted the “home mining industry” across the country – earning $ 30-40 a day per running machine.
According to the report, many major Thai investors are flocking to neighboring Laos, due to the abundance of cheap electricity produced by numerous mega-dams.
“More than 95 percent of the electricity produced is produced for export, so the surplus must be used, otherwise it is a great loss for the government,” said the Laos cryptocurrency expert, who wished to remain anonymous.
Meanwhile, Bitcoin’s hash stop ended in 2021, up 27% year-on-year after fully recovering from what became known as the “Chinese exodus of miners”, while total miners’ revenue rose 58% from the year to this day, Glassnode reported.
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