Thailand-based retail crypto mining has reportedly experienced a significant surge, mainly fueled by the number of Chinese miners selling off their operations after the new crypto ban was enforced in September. 

Specifically, Thai entrepreneurs and crypto-centric establishments have reportedly been taking inclining profits thanks to Chinese miners selling off their crypto mining equipment. 

“The moment China banned crypto, we were ecstatic,” one Bitcoin (BTC) advocate from Thailand who became a miner thanks to the incident reportedly remarked. 

The miner, who requested anonymity for his sharings, reportedly revealed that he has spent an approximate sum of $30,000 to complete the set-up of a small solar-powered crypto mining unit, and has then managed to get the money he invested in fully after a matter of three months. 

Another industry entrepreneur, Pongsakorn Tongtaveenan, reportedly rolled out a reseller business focusing on crypto mining devices in Thailand, reportedly disclosed that he finalized the selling of hundreds of Chinese application-specific integrated circuit (ASIC) miners to small local investors.

Per Pongsakorn, the price of ASICs – nominally the Bitmain Antminer SJ19 Pro – suffered from a 30% crash because of the exit of China-based miners, prior to bouncing back to the standard price amid the developing local demand.

Pongsakorn shared a belief that the inclining popularity of Thai-based retail crypto mining is reportedly caused by individuals searching for a way to achieve a stable stream of earnings during the health crisis, together with investors adopting an increasing optimism in the future of crypto assets. 

“Bitcoin is the gold of the digital world. But a mining rig is like gold mining stocks — you’re paid dividends according to the gold price”.