SET-listed Jasmine Telecom Systems (JTS), a subsidiary of telecom operator Jasmine International (JAS), is making a foray into the Bitcoin mining business to catch the wave of cryptocurrency investment.
The company aims to become the largest Bitcoin mining farm in Asean by 2024.
JTS said it will gradually install 500 Bitcoin mining machines in the third quarter at its Jastel Data Centre.
In the second phase, another 5,000 machines are scheduled for installation early next year at industrial estates that have a business partnership with Jastel Network, a telecom network and service provider under JTS.
Dusit Srisangaoran, president of JTS, said the firm has been studying the Bitcoin business for some time.
"Now is a good time for JTS to invest in Bitcoin mining, given its widespread adoption and the incident in China that caused the hashrate to drop to an eight-month low," said Mr Dusit.
He said JTS is ready to expand this business based on its experience in providing a high standard of data centre services with professional and capable personnel backed by strong local and foreign partners.
Subhoj Sunyabhisithkul, acting chief executive of JAS, said Bitcoin mining is a significant step for JAS in a challenging new business.
He said cryptocurrency-related business is a large global trend where various decentralised computational processing can support the company's new business opportunities in the future.
According to JTS, the company aims to expand its mining capacity to around 50,000 machines before the next Bitcoin halving, which is expected to happen in 2024.
With this level of capacity, the company believes it will mine more than 16,000 BTC per year.
JTS indicated it plans to have a mining capacity of more than 5 exahash per second, or 5% of the total global mining capacity, making it the largest Bitcoin mining farm in Asean.