Cryptocurrency is actively being mined in Thailand
The ban on mining in China has led to the intensification of cryptocurrency mining in many countries. Thailand was no exception.
In 2021, the cryptocurrency business intensified here, and the number of miners who cheaply bought farms and integrated circuits for mining cryptocurrencies unnecessary for the Chinese increased dramatically.
Thanks to the growth in mining, shares of Thai technology companies have risen in value by 6,700%. Many import ASICs from China and sell them to local Thai companies. They cost at least 30% less due to the mining ban in China. For example, the ANTminer SJ19 pro integrated circuit has lost so much in price.
The increase in mining activity is also associated with the growing popularity of digital currencies in the country. The turnover of Thai exchanges climbed to $6.6 billion by November 2021. This is driven by interest from both retail and institutional investors.
For example, the oldest bank in Thailand, Siam Commercial Bank, recently bought 51% of the shares of the Bitkub cryptocurrency exchange, which is recognized as the largest in the country.
We will follow the development of the situation. Read our news and subscribe to social networks. You can also start mining cryptocurrency using Hive OS service.
CoinShark is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. This article is for informational purposes, prepared on the basis of materials and information from open sources. Cryptocurrency is a high-risk asset, investments in it can lead to losses. Readers should do their own research before taking any action.