Laos, a neighboring country, provides electricity to Thailand, which uses to mine BTC. Bitcoin miners from Thailand could earn up to USD 40 daily for each machine.
China’s outpost against Bitcoin (BTC) mining last year awakened a new tidal wave that boosted the activity and made it expand its borders. Thailand, a nation with roots in South Asia, took advantage of the current situation with China and started mining cryptocurrencies relying on the low prices of miners.
A report by the Qatari media Al Jazeera revealed part of what is happening in a country like Thailand. Local entrepreneurs began to purchase mining equipment previously auctioned in China to boost mining activities in Thailand.
While the prices of Bitcoin miners have returned to USD 13,000 on average, Miners continues to sell hundreds of equipment in Thailand, where there are already small investors interested in playing a vital part in the activity that guarantees the existence of the Bitcoin network.
According to this medium, Pongsakorn is one of the businessmen who took advantage of China’s antagonist stance against mining to generate money. The businessman explained that Bitcoin is the gold of the digital world. But a platform intended for mining is more like the shares of gold mining: dividends get paid according to the current price of gold.
Up to USD 120 Million Monthly for Mining Bitcoin
The Thai entrepreneur has contributed to fueling the local mining industry, where most of the participants are simply small investors operating from home. They could earn around USD 40 a day with just a single machine, and there are at least 100,000 Bitcoin miners already active in Thailand.
This situation means that, in Thailand, at least USD 120 million could be generated per month thanks to the mining activity of BTC, assuming that the participants are operating with a single machine.
The interesting fact resides in who are those who work these ASICs. According to the medium, they are those users who look for a stable income; these users get added to investors who believe in Bitcoin.
The Source of this Energy
A close neighbor is the one Thai investors target to pursue mining: Laos; a communist nation, an ally of China, where cryptocurrencies are growing considerably in terms of value.
Although that communist country does not have good internet connectivity, it does have a friendly electrical system. There, electricity is really cheap and gets extracted by dozens of mega-companies distributed throughout the entire national territory.
When Laos authorized the trading and mining of Bitcoin and other cryptocurrencies; such action was more like an experiment of the government of that nation to attract miners from China and other parts of the world in search of cheaper options in terms of energy.
At least six companies have a license to carry out their activities. To access it, mining companies had to pay about $ 1 million in electricity from Laos’ state grid for a year, as well as vast operating fees.
By: Jenson Nuñez
