Thailand’s First Bitcoin Mining Rig to go Live Next Year
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Thailand’s first Bitcoin mining rig will be established next year by Mining Pro Co. Ltd.
The company is hoping to cash in on Thailand’s growing mining economy, established after China’s ban last year
The mine will cost around $5 million and is expected to generate high-level investments
Thailand may soon host its very own cryptocurrency mine, as a top mining company announced plans to establish the country’s first Bitcoin mining rig. Mining Pro Co. Ltd will reportedly spend 170 million baht or nearly $5 million on the crypto mine. It is expected to go live by 2023.
Thailand’s Bitcoin Mining Goes Large Scale
As per a report by National Herald, the crypto mine will be established in the Thai city of Bang Na, which is considered to be one of the most developed parts of the nation. The mining company will reportedly import Bitmain mining rigs from China for the operation.
This is an ironic development, considering that Thailands’s crypto mining industry first boomed last year when China placed a blanket ban on the activity. A number of top-listed firms and other financial institutions have reportedly since invested in the industry. Moreover, countries like USA and Russia bagged most of the big mining companies at the time. Consecutively, only small and independent miners were left for Thailand to rake up.
All that is set to change, however, as the Mining Pro’s Bitcoin rig will mark the establishment of the country’s first crypto mine. This will differ from earlier operations due to its large scale.
Evolving Nature of Crypto Mining
Smaller operations have also been profitable up until now, as the company’s CEO Jaturapuch Triphet revealed to have made almost $6 million in revenue in Q1, 2022, from selling and renting mining rigs. He hopes that this revenue will boost up to $30 million by year-end.
Much of the revenue was boosted by foreign investors entering the Bitcoin mining business in Thailand. This was especially the case in Laos, which has a higher licensing fee for mining crypto. Investors are also pouring in from China, he said, where mining was completely banned last year.
The exec is also shifting focus on clean energy producers, especially due to the backlash Bitcoin mining has received over ESG concerns. Moreover, he also hopes to make mining more affordable and accessible for investors.
The company provides cloud mining opportunities to users in order to mine cryptocurrencies via smartphones. Moreover, it has also invested in “IoT [internet of things] technology to detect irregularities in mining rigs and use AI technology in analyzing problems that help prolong the lifespan of mining rigs,” Triphet was quoted as saying.
Investors Buy into Bitcoin Mining Dip
Triphet said that even while crypto prices remain volatile at the moment, the mining business is booming. This is because investors buy rigs at lower prices during the dip, hoping to resume mining once the price stabilizes. The CEO further noted,
Currently, mining rigs are being sold at about 300,000 baht, down from 400,000 baht per rig earlier this year. This price drop has attracted several prospectors to invest in rigs and mines,” Investments in crypto mining usually break even in about 40 to 45 months, depending on the management of mining and investment portfolio.
