After China’s continued crackdown on bitcoin mining caused big players in the industry to quit or transfer their equipment to countries with friendlier legislation, the number of bitcoin miners in Thailand increased dramatically in 2021.
According to an Aljazeera article, a brief price dip following the restrictions allowed many smaller investors to purchase mining equipment from fleeing Chinese miners. Despite the fact that mining rig prices have since risen to almost $13,000 for each new unit, it appears that demand for the machines has not faded.
The story mentions Pongsakorn Tongtaveenan, a businessman who has been buying Antminer SJ19 Pro from miners fleeing China, to back up the claim that Thai investors are still buying mining equipment.
“Bitcoin is the gold of the digital world. But a mining rig is like gold mining stocks:”
“you’re paid dividends according to the gold price. There’s around 100,000 Thai miners now.”
Some of these miners, according to the article, make between $30 and $40 per hour by operating the devices. For others, such as one anonymous bitcoin enthusiast-turned-miner, the Chinese crackdown was a watershed moment.
“We were pleased when China outlawed crypto.
“I made it all back in three months,”
Then, says the miner, who claims to have started his solar-powered mining company with $30,000 in his pocket.
Meanwhile, larger Thai firms are apparently exploring establishing operations in neighboring sectors. Which was granted six mining licenses and has lower electricity costs. Thai investors that want to invest in Laos, like other potential investors. It will have to meet the initial criteria, which include buying $1 million worth of power from the government.
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