Mark Weaden
Thai investors are buying up cryptocurrency-mining rigs following China’s nationwide ban on cryptocurrency
China has been toying with a concrete cryptocurrency ban for years, but only this year did they pull the trigger. Since then, a cottage industry is thriving in Thailand, with crypto-mining the fastest-growing small investment in Bangkok.
The computer hardware industry has become extremely lucrative in the last few months, notably in Asia, as aspiring mining communities rush to build the most powerful rig possible.
Why is crypto mining booming in Thailand?
The crypto crackdown forced many of the biggest bitcoin mining networks to pack up shop and seek out greener pastures. One of the biggest issues crypto faced at the start of the year was the carbon footprint of cryptocurrency mining and crypto in general.
As such, mining communities were tasked with finding ways of reducing the electricity usage required. The overbearing answer wasn’t about the high amount of electricity, rather the fact crypto needed to be using clean energy.
Many operations moved to Malaysia, Russia, Kazakhstan, and other countries, as well as the United States—specifically Texas, as it offers the best clean energy in the States—in search of green energy sources.
On top of that, many Thai citizens have turned to other means of income, as a result of the global pandemic. Stable income is hard to come by for some, especially those in industries that have suffered from COVID-19, notably the tourist industry, which accounts for around 6% of Thailand’s GDP.
The success and accumulation of wealth that mining communities in China have attained is public knowledge. Many Thai mining enthusiasts would have jumped with joy at the news that China would be enforcing a crypto ban.
