Thai entrepreneurs and cryptocurrency businesses have been increasingly capitalizing on Chinese miners getting rid of their crypto mining machines, Al Jazeera reported Wednesday.
“The moment China banned crypto, we were ecstatic,” one Thai-based Bitcoin (BTC) enthusiast and turned miner said.
The miner, who asked to remain anonymous, claimed to have set up a small solar-powered crypto mining unit for about $30,000. “I made it all back in three months,” he said.
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.
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.
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.
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