Thai Telecom Firm Plans To Be Largest Bitcoin Miner In South East Asia
Jasmine International PCL (JAS) has plans to bitcoin mining business through its Thai subsidiary Jasmine Telecom Systems (JTS) – aims to be the largest Bitcoin mining farm in South East Asia by 2024.
The Stock Exchange of Thailand (SET) listed subsidiary of Jasmine International (JAS), called Jasmine Telecom Systems (JTS) has announced ambitious Bitcoin mining plans. JTS plans to become the largest Bitcoin miner of the ten nations comprising the Association of Southeast Asian Nations (ASEAN).
Currently, JTS has started installing and operating Bitcoin mining machines, and has signed a contract to order 500 additional mining machines, which will begin shipping and gradually installed in the 3rd quarter of 2021 at the Jastel Data Center.
The second phase extension will increase the mining capacity to 5,000 machines in early 2022, aiming to use the area of the industrial estate with the availability of Electrical infrastructure and Broadband Connection. This allows for a quick setup and start-up of this phase.
President of JTS, Dusit Srisangaoran commented on the bullish expansion plan, “Now is a good time for JTS to invest in Bitcoin mining, given its widespread adoption and the incident in China that caused the hashrate to drop to an eight-month low.”
Based on these remarks it is clear that Mr. Srisangaoran has been planning to mine Bitcoin for some time, getting in at what many miners would consider a moment of opportunity, just after the Chinese ban and major hashrate decline.
JTS looks to have 50,000 machines, scaling its operation by 100x before the next Bitcoin halving. This would bring about 5 exahashes of power onto the network, which, even by the next halving’s standards, would be an impressive percentage of global mining power, and would make JTS the largest Bitcoin mining operation in Southeast Asia. At this scale, JTS could mine about 16,000 bitcoin per year.
Bitcoin mining is likely to act as the backbone to the JTS strategy of developing “new service businesses that will help to generate stable income and continuous growth.”
