After the ban on cryptocurrencies in China, cryptocurrency investors in Thailand quickly seized the opportunity to buy cheap mining rigs that had been sidelined by Chinese miners out of the market. And that, in turn, has led to an increase in crypto mining activities in Thailand, reports Al Jazeera.
Thailand crypto investors take advantage of China’s cryptocurrency ban
After the ban, affected Chinese miners had to recoup some of their investments in one way or another. This led them to sell their mining machines at a bargain price. To keep things going, many of the mining companies have also had to move to several other countries that allow mining activities, including Kazakhstan, Russia, the United States and Southeast Asia.
Cryptocurrency mining on the rise
Speaking in an interview with local media, one of Thailand’s cryptocurrencies who identified himself as Pongsakorn Tongtaveenan had a lot to say. He says he’s not alone, as many cryptocurrencies like him quickly took advantage of China’s ban on cryptocurrencies. He explained that they quickly started buying mining platforms and PC processors from Chinese miners and that we are reselling them to local crypto investors. And, according to him, as the demand for the machines is incessant, prices returned to their previous levels.
For Thailand, the growing popularity of crypto mining in Thailand is simply due to residents becoming more optimistic about the future of cryptocurrencies in the country.
When Beijing launched an all-out war against crypto miners and all things cryptography, some of the top bitcoin miners had to leave the country for more crypto-friendly regions.
In fact, companies like e-commerce giant Alibaba have had to ban the sale of mining encryption equipment to comply with current regulations. Furthermore, it had to completely remove the blockchain miners and accessories categories from its e-commerce market as of October 8th.