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HomeAltcoinsChinese crackdown increases Bitcoin mining in Thailand

Chinese crackdown increases Bitcoin mining in Thailand

After China’s continued crackdown on bitcoin mining caused big participants in the sector to depart or transfer their equipment to countries with friendlier legislation, the number of bitcoin miners in Thailand increased in 2021.

According to an Aljazeera article, a temporary price dip following the limitations allowed many smaller investors to purchase mining equipment from fleeing Chinese miners. Although mining rig costs have subsequently rebounded to more than $13,000 for each new unit, it appears that demand for the equipment has not decreased.

Meanwhile, larger Thai firms are said to be exploring establishing operations in neighbouring Laos, which recently granted mining licences to six businesses and has lower electricity costs. However, Thai investors who want to invest in Laos, like other potential investors, will have to fulfil the first requirements, which include purchasing $1 million in power from the Laotian national grid every year as well as paying a significant operational charge.

There is a rise in the number of Thai investors who have purchased and run mining rigs. According to the research, many of these investors are presently earning between $30 and $40 per day on each mining machine.

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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