Is cryptocurrency mining really picking up in Thailand, or is this just a rumor? The answer may be more complicated than it seems.
The “china crypto mining ban” is a recent development in the cryptocurrency market. China banned all cryptocurrencies, which caused an increase in mining activity in Thailand.
The surrender of Chinese miners precipitated by the country’s new crypto mega ban, which was enacted in September, seems to have boosted retail cryptocurrency mining in Thailand.
According to Al Jazeera, Thai entrepreneurs and cryptocurrency enterprises have been increasingly profiting on Chinese miners selling their crypto mining gear.
“We were happy when China outlawed crypto,” claimed one Thai Bitcoin (BTC) enthusiast who later became a miner.
The miner, who requested anonymity, claimed to have spent about $30,000 on a modest solar-powered crypto mining device. He responded, “I made it all back in three months.”
Pongsakorn Tongtaveenan, another industry entrepreneur, allegedly began a crypto mining device reseller company in Thailand, selling hundreds of Chinese application-specific integrated circuit (ASIC) miners to tiny local investors.
According to Pongsakorn, the price of ASICs such as the Bitmain Antminer SJ19 Pro dropped by 30% as a result of the Chinese miner leave before recovering to normal due to increased local demand.
People seeking a secure income throughout the epidemic, as well as investors becoming more confident about the future of digital assets, according to Pongsakorn, are driving the rise in popularity of retail crypto mining in Thailand.
“Bitcoin is the digital world’s gold.” “However, a mining rig is similar to gold mining stocks in that you are paid dividends based on the gold price,” he said.
Thailand isn’t the only nation that has profited from the withdrawal of Chinese crypto miners. As a result of China’s crypto crackdown, countries such as the United States, Kazakhstan, and Russia have experienced a large inflow of new crypto mining businesses.
Thailand will define’red lines’ for cryptocurrency in early 2022.
The rise in popularity of crypto mining in Thailand coincides with the country’s burgeoning cryptocurrency usage, with turnover at various local crypto exchanges jumping to $6.6 million in November 2021, up from $538 million the previous year.
In Thailand, institutional demand for cryptocurrency has been steadily increasing. Siam Commercial Bank, Thailand’s oldest bank, spent $537 million for a 51 percent ownership in BitKub, Thailand’s largest crypto exchange, in early November.
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The “china cryptocurrency name” is a report that has been released by the Thai government. It states that crypto mining has risen due to the Chinese ban on cryptocurrencies.
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