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SUNDAY, September 25, 2022
Thailand to get its first crypto mine next year

Thailand to get its first crypto mine next year

FRIDAY, June 03, 2022

Mining Pro Co Ltd, the operator of a cryptocurrency mining platform and seller/renter of mining rigs, is spending 170 million baht to set up Thailand’s first cryptocurrency mine in Bangkok.

The mine, to be set up in Bang Na, is expected to officially open its doors in early 2023.

Jaturapuch Triphet, the company’s CEO, said Mining Pro is committed to building an ecosystem for the crypto-mining industry over and above the cloud-based mining platform it has been running.

“We are discussing with producers of clean energy to join us in building Thailand’s first cryptocurrency mine with a high mining capacity,” he said. “We have chosen a location in Bang Na district with an area of over 3,000 square metres, where the mine will use ‘Bitmain’ bitcoin mining rigs imported from China. The aim is to attract both local and international investors.”

Jaturapuch added that the aim is to make crypto mining easy, affordable and safe for all investors, which will help boost the country’s economy. The company’s cloud-mining platform allows customers to mine crypto coins via a smartphone, while state-of-the-art robots are used to manage customers’ investment portfolios in both future and spot trading to maximise profit.

“We also use IoT [internet of things] technology to detect irregularities in mining rigs and use AI technology in analysing problems that help prolong the lifespan of mining rigs,” he added.

Jaturapuch added that though trading in cryptocurrency is still volatile, investment in crypto-mining rigs is gaining momentum as investors tend to buy rigs in bulk during the downward trend in anticipation that mining can start again once the currency surges.

“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,” he said. “Investments in crypto mining usually break even in about 40 to 45 months, depending on the management of mining and investment portfolio.”

Jaturapuch added that in the first quarter of the year, Mining Pro made 200 million baht in revenue from selling and renting mining rigs, and aims to make 1 billion baht in revenue by the end of this year.

“This year we saw more foreign investors entering the crypto-mining business in Thailand, especially from Laos which collects higher mining licence fees than Thailand, and China where crypto mining is banned. Other nations include Vietnam, Hong Kong, Russia and Singapore,” he added.