“The positive reaction from stakeholders has surpassed our expectations,” says the author “According to Chairman Soraj Asavaprapha in a discussion. Although we are only at the start of our journey, there is a sense of excitement about our new course.”
A large number of Thai companies are moving into the digital world, including Jasmine Technology. In a recent announcement, the consumer-appliance manufacturer AJ Advance Technology Pcl said that it had made its foray into Bitcoin mining.
A number of banks, including Siam Commercial Bank Pcl and Kasikornbank Pcl, have invested in bitcoin businesses. Transaction volume on domestic-licensed cryptocurrency exchanges has reached new peak, thanks to a flurry of interest in cryptocurrency goods, particularly among younger generation of investors, prompting officials to suggest tougher regulations.
Since the start of operations just few months ago, 325 mining rigs owned by Jasmine Technology has created just eight Bitcoins in total. Soraj anticipates a significant increase in activity in 2021, fueled by plans to spend around 3.3 billion baht ($98 million) in up to 7,000 additional devices. According to him, revenues from the mining industry will represent for around 80% of the company’s overall revenue by the end of next year.
“As Bitcoin mining is still comparatively new in Thailand, we have limited knowledge of the company’s basics, pricing, and profit predictions,” says the analyst “Wilasinee Boonmasungsong, an analyst at Globlex Securities Co. in Bangkok. “Because it is the country’s first, it has gotten positive feedback from investors; yet, there is considerable legal risk associated with it.”
The Bank of Thailand announced in November that authorities want to release more precise regulations regulating cryptocurrencies in order to safeguard the financial sector and investors. As per statistics from the Securities and Exchange Commission, activity at seven domestically approved cryptocurrency exchanges increased to 221 billion baht ($6.58 billion) last month from 18 billion baht in 2020.
Because the firm can liquidate crypto tokens internationally and the mining business is successful, according to Soraj, local restrictions will have no effect on Jasmine Technology provided the value of the numero uno cryptocurrency remains over $30,000. Bitcoin was recently trading at roughly $51,000.
Jasmine Technology’s net earnings climbed by 436% in the initial nine months of 2021 to 150 million baht, compared to the same period previous year, as revenues from its conventional telecommunications-linked operations climbed. According to statistics provided by Bloomberg, the company, which hit a new peak earlier in December, is trading at roughly 500x the trailing 12-month profits.
The company’s biggest shareholder, with a straight forward ownership of 33%, is internet service provider Jasmine International Pcl, whose chairman stepped down two years back after the Thai Securities and Exchange Commission (SEC) found that he had misused inside knowledge to trade in the company’s sister company.