Cryptocurrency retail exploitation in Thailand seems to have increased due to China’s mega-invasion, with a new mega-ban on cryptocurrency in the country implemented in September.
Al Jazeera reported on Wednesday that Thai entrepreneurs and the crypto currency business are investing heavily in Chinese minerals that have eliminated their crypto-mining machines.
“When China banned cryptography, we were delighted,” said miner Thai Bitcoin (BTC) enthusiast.
Minor, who asked to remain anonymous, claims to have set up a small solar-powered crypto mining plant for about $ 30,000. “I got it all back in three months,” he said.
Another manufacturer in the industry, Pangsakorn Tongtavinen, has started a reseller business for crypto mining equipment in Thailand, selling hundreds of Chinese application-specific integrated circuit (ASIC) miners to small local investors.
According to Pongsakorn, the price of ASICs such as the Bitmain Antminer SJ19 Pro is down 30%, because Chinese mineral extraction, before returning to normal, is in the midst of rising local demand.
Pongsakorn believes that the growing popularity of retail cryptocurrencies in Thailand is being driven by people looking for a steady income during the epidemic and by investors who are more optimistic about the future of digital assets.
“Bitcoin is the gold of the digital world. But the mining platform is like a gold mining stock – you pay dividends on the value of gold,” he said.
Thailand is not the only country where cryptocurrency development has benefited from the emergence of cryptocurrencies from China. Countries such as the United States, Kazakhstan and Russia have contributed to the large influx of new cryptocurrency mining operations into cryptocurrency mining in China.
Related: Thailand defines “red lines” for crypto in early 2022
The increasing popularity of cryptocurrency in Thailand is in line with the growing adoption of local cryptocurrency, with revenues from several local cryptocurrency exchanges rising to $ 6.6 million from $ 538 million in November 2021 alone.
There is also an increased need for crypto in Thailand. In early November, Siam Commercial Bank, Thailand’s oldest bank, paid $ 537 million to buy a 51% stake in Thailand’s largest cryptocurrency exchange, Bitcoin.