Not only Kazakhstan: Ban in China led to mining boom in Thailand – Bits Media

Thailand has recorded a significant increase in mining. Thai entrepreneurs buy equipment from Chinese colleagues, who get rid of devices after the ban on mining was introduced.

Al Jazeera is based on
for information from local miners. One of Thai entrepreneurs told, that he organized a small farm for mining cryptocurrencies, and provided it with power from solar panels. The equipment cost him $30,000.

“When mining was banned in China, we were in ecstasy. My farm paid for itself in just three months.”, - said the miner, who wishes to remain anonymous.

Another Thai entrepreneur named Pongsakorn Thongtawinan (Pongsakorn Tongtaveenan) decided to take advantage of the ban on mining in China to resell equipment. According to him, he sold hundreds of ASIC miners to local small farm organizers. After the ban was introduced in China, prices for equipment fell by 30%, which allowed him to make a noticeable profit.

As noted by Pongsakorn, Thais are launching small mining farms in search of a stable and independent income. And the more Bitcoin costs, the more interest local residents show in mining.

“Bitcoin is the gold of the digital world. And buying ASIC miners is like shares in gold mining companies. You receive dividends, the size of which corresponds to the value of gold. There are now about 100,000 miners in Thailand.".

Recall, that mining bans in China began in the middle of this year. A meeting of the Committee on Financial Stability and Development of China was held in May, who called
ban mining and all Bitcoin trading. After this, the Chinese provinces began
introduce bans on the supply of electricity to companies, Production cryptocurrencies. Large Chinese miners began to migrate to other countries. Most of the equipment was transported to Kazakhstan, Russia and USA.