Thursday, January 27, 2022
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By Mayowa Adebajo
Published 21 mins ago Updated 21 mins ago

Following China’s crypto ban, crypto investors in Thailand quickly seized the opportunity to buy cheap mining rigs that Chinese miners who have run out of business, have passed up. And this, in turn, has led to a surge in crypto mining activities in Thailand, per Al Jazeera reports.

Crypto Investors In Thailand Take Advantage of China’s Crypto Ban

After the ban, affected Chinese miners had to recoup some of their investments one way or the other. This led them to sell off their mining machines at a bargain price. In line with the situation, many of the mining firms also had to relocate to various other countries that permit mining activities, including Kazakhstan, Russia, the United States, and Southeast Asia.

Crypto Mining On The Rise

While speaking in an interview with the local media, one of Thailand’s crypto miners who identified himself as Pongsakorn Tongtaveenan had much to say. He claims that he’s not alone as many crypto entrepreneurs like himself took quick advantage of China’s crypto ban. He explained that they quickly started buying mining rigs and PC processors from Chinese miners and we’re reselling them to local crypto investors. And according to him, since there is an unending demand for the machines, the prices surged reaching the previous levels.

For Thailand, the fast-growing popularity of crypto mining in Thailand is simply because residents are becoming more optimistic about the future of cryptocurrency in the country.

When Beijing launched an all-out war on crypto miners and everything crypto-related, some of the world’s leading bitcoin miners had to leave the country for more crypto-friendly regions.

In fact, companies like e-commerce giant Alibaba had to ban the sale crypto mining equipments in order to comply with the standing regulations. Additionally, it had to outrightly remove categories for blockchain miners and accessories from its e-commerce marketplace from October 8.

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