{"id":387181,"date":"2021-12-29T13:52:02","date_gmt":"2021-12-29T10:52:02","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-mining-reportedly-rises-in-thailand-due-to-chinese-crypto-ban\/"},"modified":"2021-12-29T13:52:02","modified_gmt":"2021-12-29T10:52:02","slug":"crypto-mining-reportedly-rises-in-thailand-due-to-chinese-crypto-ban","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-mining-reportedly-rises-in-thailand-due-to-chinese-crypto-ban\/","title":{"rendered":"# Crypto mining reportedly rises in Thailand due to Chinese crypto ban"},"content":{"rendered":"

“# Crypto mining reportedly rises in Thailand due to Chinese crypto ban <\/strong>”
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Retail cryptocurrency mining in Thailand has app<\/a>arently received a boost due to the capitulation of Chinese miners triggered by the country\u2019s new crypto mega ban enforced in September.<\/p>\n

Thai entrepreneurs and cryptocurrency businesses have been increasingly capitalizing on Chinese miners getting rid of their crypto mining machines, Al Jazeera reported<\/a> Wednesday.<\/p>\n

\u201cThe moment China banned crypto, we were ecstatic,\u201d one Thai-based Bitcoin (BTC) enthusiast and turned miner said.<\/p>\n

The miner, who asked to remain anonymous, claimed to have set up a small solar-powered crypto mining unit for about $30,000. \u201cI made it all back in three months,\u201d he said.<\/p>\n

Another industry entrepreneur, Pongsakorn Tongtaveenan, started a reseller business for crypto mining devices in Thailand, reportedly selling hundreds of Chinese application-specific integrated circuit (ASIC) miners to small local investors.<\/p>\n

According to Pongsakorn, the price of ASICs like the Bitmain Antminer SJ19 Pro collapsed 30% due to the Chinese miner exit before returning to normal amid the growing local demand.<\/p>\n

Pongsakorn believes that the increasing popularity of retail crypto mining in Thailand is triggered by people looking for a stable income during the pandemic as well as investors getting more optimistic about the future of digital assets.<\/p>\n

\u201cBitcoin is the gold of the digital world. But a mining rig is like gold mining stocks: you\u2019re paid dividends according to the gold price,\u201d he said.<\/p>\n

Thailand is not the only country whose crypto mining development has benefited from China\u2019s crypto miners’ exit. Countries like the United States, Kazakhstan and Russia have seen a massive influx of new crypto mining operations due to the Chinese crypto crackdown.<\/p>\n

Related: <\/em><\/strong>Thailand to define \u2018red lines\u2018 for crypto in early 2022<\/em><\/strong><\/p>\n

The growing popularity of crypto mining in Thailand comes in line with the booming local cryptocurrency adoption, with the turnover at several local crypto exchanges surging to $6.6 million in November 2021 from just $538 million last year.<\/p>\n

The institutional demand for crypto in Thailand has been notably growing as well. In early November, Thailand\u2019s oldest bank, Siam Commercial Bank, paid $537 million to buy a 51% stake in BitKub, Thailand\u2019s biggest crypto exchange.<\/p>\n