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- As a consequence of the blanket ban imposed by China, Thailand crypto centric businesses profit.
- Prices of many ASICs & mining equipments collapsed by 30%
- The gains come across as the nation sees a surge in adoption of cryptocurrencies.
The world of cryptocurrency was induced by shock waves as China decided to impose a complete ban on all cryptocurrencies. The move also triggered conversations around the legitimacy of cryptocurrencies, giving space for regulators to impose rigorous sanctions & regulations against the sector. However, the zero sum nature if limited resources happen to be silver linings for the neighbouring nation.
Recently, Thailand saw an increase in crypto centric businesses & surge in miners as they have also been capitalizing on Chinese businesses, looking to sell their mining equipment. An anonymous miner stated, the moment China banned crypto, they felt ecstatic while also mentioning to have purchased a small solar powered mining unit for $30,000 which he claims to have made it back in 3 months.
READ MORE: Thai tech firms’ value skyrocketing by 6700% amid Bitcoin mining ops
Another local entrepreneur, Pongsakorn Tongtaveenan seems to have commenced a reseller’s business for mining equipment related to cryptocurrencies where he sells hundreds of Application Specific Integrated Circuits (ASICs) from China to local businesses in Thailand.
Furthermore he mentioned that the price of famous ASICs like ANTminer SJ19 pro, dropped by at least 30%.
Pongsakorn understands that such increase in retail mining in the country came as a consequence of people looking for sources of stable incomes as the pandemic ravaged the country. Futheron he believes that Bitcoin is digital gold whereas he looks at mining rigs as a gold stock where they’re paid dividends in accordance to the price of the gold.
While talking about the mass exodus, Thailand wasn’t the only country to be profiting from China’s blanket ban, many countries including the United States, Kazakhstan & Russia also witnessed a surge in mining activities since China accounted for almost 50% in mining of cryptocurrencies.
The surge of mining activities in Thailand also comes across in accordance to the growing local adoption of cryptocurrencies where the turnover of several crypto exchanges witnessed an exemplary surge to $6.6 Billion till Nov 2021 from a mere of $538 million last year. While the retail demand has witnessed remarkable growth, institutions in Thailand have also been pondering upon the sector. Recently, Siam commercial bank, the oldest bank in Thailand signed a contract with BitKub where it owns 51% of the stake in the company. Bitkub is the largest crypto exchange in the country.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
