A brief price drop that followed the Chinese crackdown made it possible for many smaller investors to acquire mining rigs from the fleeing miners. bitcoinmining mining
Chinese Crackdown Bolsters Bitcoin Mining in Thailand, Bigger Investors Eye Setting Up Operations in Laos
A crackdown on bitcoin mining by China has led to an increase in the number of Thai investors that have acquired and are operating mining rigs, a report has said. The report adds that many of these investors are currently earning between $30 and $40 per day from each mining rig.The number of bitcoin miners in Thailand surged in 2021 after China’s ongoing crackdown on bitcoin mining forced major players in the industry to quit or to ship their equipment to countries with friendlier regulations.
To support the assertion that Thai investors are still buying the mining gear, the report quotes Pongsakorn Tongtaveenan, a businessman who has been buying the Antminer SJ19 Pro from miners fleeing China and selling these to local investors. In the report, Tongtaveenan offers his thoughts as to why his fellow countrymen are investing in the mining rigs.Bitcoin is the gold of the digital world. But a mining rig is like gold mining stocks: you’re paid dividends according to the gold price.
“The moment China banned crypto, we were ecstatic. I made it all back in three months,” said the miner who claims to have used $30,000 to kickstart his solar-powered mining operation. Meanwhile, bigger Thai investors are reportedly considering setting up operations in neighboring Laos, which recently gave mining licenses to six companies and where the cost of electricity is cheaper. However, just like other potential investors, Thai investors that wish to invest in Laos will have to meet the initial terms which include buying electricity worth $1 million from the Laotian state grid per annum as well as paying a large operating fee.
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