According to a report by Al Jazeera, multiple investors from Thailand are stocking up on rigs from Chinese crypto miners that were shut down by the government.
Locals from Thailand have jumped on the opportunity to purchase discounted rigs from Chinese miners and put them to use during the pandemic.
Pongsakorn Tongtaveenan, a Thai entrepreneur, decided to make the most out of the regulations imposed by China. He purchased mining equipment like the Bitmain Antminer SJ19 Pro and sold it off to miners in Thailand.
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Likewise, Thai people that bought mining rigs of Pongsakorn are said to earn around $30-40 per day which is almost three times more than the minimum wage in Thailand ($10.35-11.10 in 2020).
Pongsakorn Tongtaveenan also mentioned that there are "around 100,000 Thai miners now" who are locals looking for worthwhile income during the pandemic, and investors seeking new ventures in the digital asset area.
One miner from Thailand allegedly spent almost $30k to get his mining equipment, and made back this initial investment in a 3-month period. After the news that China got rid of crypto mining, it was like a breath of fresh air for the Thai local who runs a Bitcoin mining rig from his garage:
"The moment China banned crypto, we were ecstatic…"
Thailand is one of the few countries in Southeast Asia that recently greeted digital assets with open arms, and prospered via licensed exchanges like Bitkub.
