Coinfomania: Where blockchain and cryptos live.

Publicly-Traded Thai Telecom Company Targets 5% of Bitcoin Hashrate by 2024

Thailand-based data center services provider Jasmine Telecom Systems (JTS) is taking a huge step into Bitcoin, announcing last week that it plans to launch a Bitcoin mining business.

JTS is not just breezing into this new territory but is taking a deep plunge as it plans to become the largest Bitcoin mining farm in Asean by 2024. By taking practical steps, the company aims to work towards its intended goal.

One of the steps JTS plans to take is by gradually installing 500 Bitcoin mining machines in the third quarter at its Jastel Data Center. After installing those, it plans to install another 5,000 machines at industrial estates that work alongside Jastel Network, a telecom network and service provider under JTS, by the beginning of next year.

By installing more and more bitcoin mining machines, JTS aims to have about 50,000 machines before the next Bitcoin halving, which is expected to happen in 2024. With that number of mining machines, the company hopes to mine more than 16,000 BTC per year. 

To fully accomplish its goal of becoming the largest Bitcoin mining farm in Asean, JTS also has additional plans of having a mining capacity of more than 5 exahash per second, or 5% of the total global mining capacity.

JTS offers different services like designing and installing telecommunication systems, network transmission,  covering access networks, renting out and maintaining public telephones for TOT Public Company Limited, distribution of telecommunication testing equipment, design and installation of computer systems, and also design and installation of security systems.

Some of the officials of JTS related their thoughts and opinions to the big step the company is taking. Subhoj Sunyabhisithkul, the acting chief executive of JAS, mentioned that the company is willing to take the challenging step into bitcoin mining due to various opportunities cryptocurrency-related businesses provide and how the company will benefit.

Dusit Srisangaoran, the president of JTS, who disclosed that the company has been doing research on Bitcoin for some time, 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.”

It is still unknown how Thailand authorities will respond to JTS Bitcoin mining plans, as Coinfomania once reported of the criticism that came from Thailand’s Finance Minister Arkhom Termpittayapaisith who mentioned that authorities are concerned that the surge into crypt may lead to instability in the country’s capital markets.

Affiliate:  Get a Ledger Nano X for $119 So That Hackers Won't Steal Your Crypto!

Follow us on Twitter, Facebook, and Telegram to receive timely updates. Subscribe to our weekly Newsletter.