Thailand has emerged as new grounds for crypto miners after China, in September, banned all cryptocurrency trading and mining. The crackdown prompted cryptocurrencies mining operations to seek crypto-friendly bases.
Some crypto mining companies moved to the US, and found the state of Texas to their liking, while others moved to Kazakhstan, Siberia in Russia, Malaysia, and Finland among others.
Pongsakorn Tongtaveenam, a Thai entrepreneur, has taken up crypto mining. He scooped up the hardware following the Chinese crackdown. He took advantage of the low prices at which the computer gear for crypto mining was being sold. The hardware is used to generate cryptocurrencies by solving complex math puzzles.
Pongsakorn has sold hundreds of such units, mainly the Bitmain Antminer SJ19 Pro from Shenzhen in China, across Thailand. In fact, he has given rise to a cottage industry of crypto miners. Reports say the miners can earn up to $40 daily from running the machine. The entrepreneur believes there may be 100,000 crypto miners in Thailand.
Crypto mining has flourished amid the COVID-19 and proved as a stable income. It has been driven by investors and crypto enthusiasts who believe in the crypto-powered future. A bitcoin enthusiast told a media house that they were ecstatic about China banning cryptocurrency.
Meanwhile, neighboring Laos has also embraced cryptocurrency. The Southeast Asian country has legalized crypto mining and trading. It is also profiting from China’s harsh ban and a crackdown on digital assets. Analysts highlight that Laos also has a surplus of hydroelectric power which is fuel for the energy-sucking crypto mining industry. Green energy will help make the energy-centric crypto industry eco-friendly.