{"id":209713,"date":"2021-12-30T06:30:53","date_gmt":"2021-12-30T06:30:53","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=209713"},"modified":"2021-12-29T20:50:54","modified_gmt":"2021-12-29T20:50:54","slug":"thailands-small-entrepreneurs-tapped-into-lucrative-bitcoin-mining-buying-up-rigs-from-china","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/thailands-small-entrepreneurs-tapped-into-lucrative-bitcoin-mining-buying-up-rigs-from-china\/","title":{"rendered":"Thailand\u2019s small entrepreneurs tapped into lucrative Bitcoin mining\u2013buying up rigs from China\u00a0"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Lucrative <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> mining is reportedly on the upswing in Thailand\u2013thanks to cheap leftover hardware purchased from China, <\/span><i><span style=\"font-weight: 400;\">Al Jazeera<\/span><\/i> <a href=\"https:\/\/www.aljazeera.com\/economy\/2021\/12\/29\/chinas-crypto-crackdown-sparks-thai-crypto-mining-boom\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Over 50% of the industry was forced to relocate in May after China imposed a ban on mining crypto, and while big operations <\/span><a href=\"https:\/\/cryptoslate.com\/how-the-u-s-became-the-worlds-biggest-bitcoin-mining-hub\/\"><span style=\"font-weight: 400;\">found<\/span><\/a><span style=\"font-weight: 400;\"> their new bases in countries like the US, Kazakhstan, and Canada, smaller players sold their gear to Thai entrepreneurs.<\/span><\/p>\n<h2><strong>Seizing the opportunity\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">According to the report, retail crypto miners in Thailand are buying mining rigs in large amounts.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cChinese miners got rid of their machines and the price collapsed by 30 percent,\u201d explained Thai entrepreneur Pongsakorn Tongtaveenan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tongtaveenan is one of many small investors who were snagging up redundant computer processors needed for mining Bitcoin and shipping them to Southeast Asia.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThere\u2019s around 100.000 Thai miners now,\u201d according to the 30-year old entrepreneur, who was able to sell hundreds of units across the country, as small players jumped into the mining business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe moment China banned crypto, we were ecstatic,\u201d another Bitcoin miner, running a small solar-powered processor from his garage in eastern Thailand, told <\/span><i><span style=\"font-weight: 400;\">Al Jazeera<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><strong>Crypto mining cottage industry<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">\u201cBitcoin is the gold of the digital world. But a mining rig is like gold mining stocks: you\u2019re paid dividends according to the gold price,\u201d according to Tongtaveenan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He seized the opportunity and scooped the unwanted gear, mainly the Bitmain Antminer SJ19 Pro, and shipped the rigs from Shenzhen to Thailand.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These have fuelled a \u201ccottage industry of miners\u201d across the country\u2013earning $30-40 daily per running machine.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the report, many bigger Thai investors have their eyes set on neighbouring Laos, due to an abundance of cheap electricity generated by numerous mega-dams.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMore than 95 percent of electricity produced is made for export, so the excess must be used otherwise it is a big waste for the government,\u201d according to an expert on Laos\u2019 crypto regulations, who wanted to remain anonymous.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, the Bitcoin hash-rate has finished 2021 up 27% on the year, after completely recovering from what became known as \u201cChina\u2019s miner exodus,\u201d while aggregate miner revenue is up 58% year-to-date, Glassnode <\/span><a href=\"https:\/\/insights.glassnode.com\/the-week-onchain-week-52-2021\/?utm_source=newsletter&utm_medium=email&utm_campaign=twoc_52\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lucrative Bitcoin mining is reportedly on the upswing in Thailand\u2013thanks to cheap leftover hardware purchased from China, Al Jazeera reported.\u00a0\u00a0 Over 50% of the industry was forced to relocate in May after China imposed a ban on mining crypto, and while big operations found their new bases in countries like the US, Kazakhstan, and Canada, [&hellip;]<\/p>\n","protected":false},"author":699,"featured_media":209719,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2376],"tags":[76769],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - 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In her Ph.D., she focused on the diffusion and adoption of new technologies. Her research on the spread of technological innovation in ancient societies led to a modern-day fascination with crypto and it\u2019s real-time evolution. She is currently based in Berlin immersed in the vibrant scenes of both Crypto and Techno.","url":"https:\/\/cryptoslate.com\/author\/ana-grabundzija\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/209713"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/699"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=209713"}],"version-history":[{"count":5,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/209713\/revisions"}],"predecessor-version":[{"id":209744,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/209713\/revisions\/209744"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/209719"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=209713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=209713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=209713"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=209713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}