The Chinese crackdown strengthens the mining process in Thailand, while larger investors consider establishing facilities in Laos.

According to a source, China’s ban on bitcoin mining has resulted in a spike in the number of Thai entrepreneurs who have purchased and are running mining equipment. According to the research, many of these financiers are presently making $30 to $40 each day from each coal mines.

The Impact of the Chinese Crackdown on Mining Equipment Costs
After China’s continued crackdown on mining bitcoin caused big participants in the sector to depart or transfer their gear to countries with better legislation, the number of bitcoin workers in Thailand increased in 2021.

According to an Aljazeera article, a temporary price dip following the limitations allowed numerous smaller buyers to invest in mining equipment from fleeing Chinese miners. Although mining rig costs have subsequently rebounded to moreover $13,000 for every new unit, it appears that the desire for the equipment has not decreased.

The story claims Pongsakorn Tongtaveenan, a trader who has been purchasing Antminer SJ19 Pro from miners leaving China and marketing them to local investors, to back up his claim that Thai investors are still acquiring mining equipment. Tongtaveenan provides his opinion on why his countrymen are engaging in mining rigs in the paper.

He stated:

“Bitcoin is the online equivalent of gold. However, a mining setup is similar to gold mining stocks in that you are paid off handsomely based on the price of gold. There are presently around 100,000 Thai miners.”

Thai investors are interested in mining in Laos.

According to the article, a few of these workers make from $30 and $40 per hour by operating the devices. For others, such as one anonymous cryptocurrency enthusiast-turned-miner, the Chinese assault was a watershed moment.

“We were overjoyed when China outlawed cryptocurrency. “I made it all back in three months,” said the miner, who claims to have spent $30,000 to get his solar-powered mining business up and running.

However, larger Thai firms are said to be exploring establishing facilities in neighboring Laos, which just granted mining licenses to six businesses and has lower power bills. However, Thai entrepreneurs who want to engage in Laos, like other prospective buyers, will have to fulfill the first requirements, which include purchasing $1 million in power from the Laotian national grid every year as well as incurring a significant operational charge.

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