Thailand is one of the countries that has benefited from China’s crypto crackdown, as small investors have increasingly been mining Bitcoin since September.
A crypto investor said on Wednesday, “When China banned crypto, we were very delighted,” as Bitcoin enthusiasts will get cheaper mining machines in Thailand.
Meanwhile, an anonymous crypto miner claims to have built a small, solar-powered Bitcoin miner for around $100,000 and recovered his capital in just three months.
In addition, entrepreneurs from the crypto-mining industry have started their business as distributors of crypto-mining equipment in Thailand. They have reportedly sold hundreds of Chinese application-specific integrated circuits (ASIC) to investors across the country.
And the prices of ASICs like the Bitmain Antminer SJ19 Pro fell by more than 30% due to the dumping of mining machines in China, before prices returned to normal a few months later.
The growing popularity of crypto miners in Thailand is due to those who are looking for a stable or additional income during the COVID-19 pandemic. Moreover, during this time, many investors have more and more eyes on the future of digital assets.
In addition to Thailand, other countries have developed crypto mining and benefited from the Chinese ban. The United States, Kazakhstan, and Russia have also seen the influx of money and crypto-mining operations.
The growing popularity of crypto mining in Thailand is in line with the acceptance of cryptocurrencies in Thailand. The turnover of many Thai exchanges rose to 18 billion baht in November 2021, up from just 224 million baht last year.