Report: Thailand to have its first cryptocurrency mining farm in early 2023

According to a report from the state of Thailand, Mining Pro will invest 170 million baht (nearly $5 million) to build the country’s first cryptocurrency mining farm. The facility will be located in Bang Na, one of the most developed areas in Bangkok, and is expected to start operations early next year. Initially, it will use bitcoin mining equipment imported from China. The company’s CEO, Jaturapuch Triphet, highlighted the advancements in the crypto mining industry, claiming that it will be a very lucrative industry. The executive revealed that the company earned nearly $6 million in the first quarter of 2022 from the sale and lease of mining equipment. It aims to raise that figure to around $30 million by the end of the year. Subsequently, Triphet noted that more and more foreign investors had entered the crypto mining business in Thailand. Citizens of Vietnam, Hong Kong, Russia, and Singapore also settled here.