Mining Pro Co. Ltd will reportedly establish Thailand’s first cryptocurrency mining facility. The initiative is expected to start operating in early 2023.
According to a Nation Thailand report, Mining Pro will invest 170 million baht (nearly $5 million) to set up the first cryptocurrency mine in the country. The facility will be located in Bang Na (one of Bangkok’s most developed districts) and is expected to start operating at the beginning of next year. Initially, it will use Bitmain bitcoin mining rigs imported from China.
Jaturapuch Triphet – CEO of the firm – emphasized the progress of the crypto mining sector, claiming it could be highly profitable:
“Investments in crypto mining usually break even in about 40 to 45 months, depending on the management of mining and investment portfolio.”
While cryptocurrency trading could pose risks to investors due to the volatile nature of the market, investment in crypto mining machinery is “gaining momentum.” The executive revealed that his company made almost $6 million in revenue in Q1, 2022, from selling and renting mining rigs. Its goal is to boost those figures to around $30 million by the end of the year.
Subsequently, Triphet noted that an increasing number of foreign investors had entered the crypto mining business in Thailand. Citizens of Vietnam, Hong Kong, Russia, and Singapore have also settled there.
Prior to the COVID-19 pandemic, the South East Asian country was one of the world’s top touristic destinations. However, the health disaster and the stay-at-home rules disrupted traveling, which caused significant harm to Thailand’s economy. It is worth noting that the nation was visited by over 25 million tourists in 2019, while less than 110,000 people did so in 2021.
According to Jirayut Srupsrisopa – Founder and CEO of Bitkub – crypto could be one of the keys to reviving the country’s fame as a top pick for travelers. In his view, the growth of the digital asset market has created people with considerable financial capacity. If those are aware that Thailand has a friendly stance to the industry, they could settle there and boost the economy, he explained:
“Our national GDP could grow six times if we can strengthen this market.”
Srupsrisopa thinks local businesses are ready to provide digital asset services to the new wave of tourists. However, domestic regulators should collaborate with them and “press the button” for such action.