Thailand Capitalizes On Chinese Rigs

According to Al Jazeera, the Chinese crypto ban has significantly increased crypto mining in Thailand.

Ever since September when the Chinese government banned everything relating to crypto (except NFTs), there is a list of countries that are relentlessly purchasing Chinese crypto-rigs.

Moreover, ever since the Securities Exchange Commission of Thailand approved crypto earlier this year, there is a 588% increase in cryptocurrency use in the country.

That is why when the news about the Chinese crypto ban hit the mainstream media, many crypto miners from Thailand were quite happy.

According to the same anonymous bitcoin miner, he purchased one of the Chinese crypto mining rigs for a price of $30.000. Additionally, he also states that it took him three months to set up the particular mining rig.

Pongsakorn Tongtaveenan is another crypto miner/enthusiast from Thailand that capitalized on the Chinese crypto ban.

In particular, Pongsakorn Tongtaveenan started a business that supplies retail mining rigs to Thai crypto miners. The entrepreneur states that right after the Chinese crypto ban, the price of ASICs dropped 30%.

And it wasn’t until the demand started to increase that the price of crypto mining rigs started to return to normal.

Furthermore, Pongsakorn Tongtaveenan believes that the reason for the spike in crypto miners from Thailand is the stability of the digital asset.

Specifically, that due to the pandemic, many Thai citizens simply want a stable revenue income, without much hustle.

Thai Crypto Boom

It is safe to say that Thailand is experiencing a real crypto-boom. Especially if we compare the numbers from last year.

Back in November 2020, the trading volume at Thai crypto exchanges amounted to $538. This year that number is a whopping $6.6 billion.

Regardless of the future, at this moment Thailand is one of few countries that are massively purchasing the Chinese crypto mining rigs. These include the United States, Russia, Canada and Khazakstan.

And considering that Thailand is one of the most populous countries in the world, and a neighbour to China, it has an advantage over overseas countries when it comes to purchasing the rigs.

As a result, this country definitely has the potential to become the number one destination in the world for crypto mining. And the Chinese ban on mining has significantly increased the chances of Thailand.