Thailand’s Jasmine Telecom Systems’ president recently announced the company’s goals to become the leading bitcoin miner in Southeast Asia by 2024.
Thai Jasmine Telecom Systems (JTS), a subsidiary of telecommunications operator Jasmine International (JAS), has just released their target of leading bitcoin mining efforts in the Association of Southeast Asian Nations (ASEAN) by 2024. The ASEAN region consists of ten countries in Southeast Asia including Thailand, Singapore, and Vietnam.
As blockchain becomes more widely adopted and integrated in our modern technology-driven society, telecoms are looking into how they can update their systems. JTS is one of the few telecommunications companies investing in cryptocurrency however, as they target to install 500 bitcoin mining machines within Q3 this year at their Jastel Data Center. In 2022, JTS will partner with JasTel Network, aiming to install 5,000 more machines across Thailand and will maintain their efforts totalling to 50,000 machines by 2024.
JTS’ President, Dusit Srisangaoran, said: “Now is a good time for JTS to invest in bitcoin mining, given its widespread adoption and the incident in China that caused the hash rate to drop to an eight-month low,” stating his confidence in JTS’ data centre and personnel capacity to expand into the cryptocurrency industry.
JTS’ plans align with the next bitcoin halving, an event where bitcoin mining rewards become halved in value, occurring roughly every four years. The last halving event was on May 11, 2020.
JTS also said they 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 rate, JTS would be able to mine around 16,000 bitcoin a year, securing their efforts as the largest bitcoin miner in ASEAN.
Subhoj Sunyabhisithkul, the Acting Chief Executive of JAS, said these efforts demonstrate how JAS will be tackling new business. He added that blockchain and crypto-related business will be the future of global transaction platforms and decentralised systems, affecting the future of business operations.