The JTS executive stated that he has been studying Bitcoin for some time, but did not say whether the company plans to invest in the currency or even accept it as a means of payment.
One of the biggest telecommunications companies in Thailand is going to mine Bitcoin and intends to be a reference in Asia in this sector.
Jasmine Telecom Systems (JTS) is a subsidiary company of Jasmine International (JAS), founded in 1996. With several companies in the group, it is considered the largest telecommunication operation in Thailand, a Southeast Asian country with about 70 million inhabitants.
With this new operation, JTS even plans to become the largest Bitcoin miner of the Association of Southeast Asian Nations (ASEAN), which has the participation of ten countries.
A publicly traded telecommunications company in Thailand to mine Bitcoin
In the third quarter of 2021, JTS already plans to start its Bitcoin mining activity with 500 machines.
The company's intention, listed on the Thailand Stock Exchange (SET), is to increase this operation tenfold by 2022, when another 5,000 Bitcoin mining machines must be connected to its infrastructure, according to Bitcoin Magazine.
The focus on the Bitcoin operation came as an opportunity after China shut down the country's mining farms and began a hunt for miners, prompting many facilities to migrate from the country, in a move that can be considered the largest infrastructure migration in history of cryptocurrency until today.
The vice president of JTS, Dusit Srisangaoran, even commented that the time is promising for the entry into Bitcoin mining, which no longer has competition from China in the market.
"Now is a good time for JTS to invest in Bitcoin mining, given its wide adoption and the incident in China that caused the hash rate to drop to a low of eight months."
The plan is to have 50,000 Bitcoin mining machines by the next halving
In 2020, Bitcoin had its coin production cut in half, an event known as “ halving ” and which controls inflation for every 210 thousand blocks found on the network.
Thus, the number of coins issued per block was 6.25 BTC, with estimated inflation of 1.77% per year now. The next halving is expected to take place in 2024, considering the average block generation in 10 minutes.
When the next Bitcoin emission cut hits the market, JTS wants to have 50,000 machines connected to the network, a 100-fold expansion for what is scheduled for 2022.
With machinery of this magnitude, the company could have a power of 5 exahashes, capable of producing around 16 thousand Bitcoins per year, something that today is equivalent to R$ 3.2 billion.
The JTS executive stated that he has been studying Bitcoin for some time, but did not say whether the company plans to invest in the currency or even accept it as a means of payment.
Even so, the largest telecommunications company in an Asian country is already making a big move in relation to Bitcoin, which may inspire other companies in the sector around the world.
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