Thai telecoms company turns to Bitcoin mining

Thai-based Jasmine Telecom Systems (JTS), a subsidiary of the Jasmine International Public Company telecommunications group, has joined the Bitcoin-mining industry. Bangkok Post reports this.

JTS president Dusit Srisangaoran (Dusit Srisangaoran) told the publication in an interview that the company has been studying the Bitcoin mining business for some time.

«Now is a good time for JTS to invest in Bitcoin mining, given its broad adoption and developments in China», he noted.

The company began installing equipment and signed a contract to supply another 500 miners for its own Jastel data centre. Early next year, it plans to deploy an additional 5,000 devices at other sites.

According to the publication, by 2024 JTS intends to become the largest miner among ASEAN countries and expand its fleet to 50,000 devices. The company suggested that upon reaching this goal it could produce “more than 16,000 BTC per year”.

Earlier Nasdaq-listed tea company Urban Tea announced plans to mine cryptocurrency.

In early 2021, Chinese online lottery service provider 500.com Limited signed a deal to purchase Bitcoin mining equipment for $14.4 million. Later the company acquired 5,900 devices.

In March 500.com Limited announced a name change to “BIT Mining Limited” and the stock ticker — from “WBAI” to “BTCM”. A month later it was reported that it had acquired the Hong Kong-registered ASIC-miner maker Bee Computing for $100 million.

Mike Novogratz, founder of Galaxy Digital, described the exodus of miners from China as a ‘big plus’ for the crypto industry.

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