Thailand seizes 996 Bitcoin miners after busting local operation stealing electricity

Thai authorities have seized 996 Bitcoin (BTC) mining rigs in Chon Buri province, accusing operators of illegally siphoning electrical energy to energy the energy-intensive machines.

The raid, carried out on January 8 in Phanat Nikhom district, highlights rising considerations over the misuse of public utilities for crypto mining actions. Thai authorities beforehand carried out a number of raids on properties consuming an unusually great amount of electrical energy.

Police and Crime Suppression Division officers focused JIT Co., an organization registered for buying and selling in digital belongings, after discovering proof of manipulated power meters used to evade electrical energy expenses.

Commander Montree Theskhan of the Crime Suppression Division, who led the operation, stated the modified meters allowed the corporate to keep away from substantial electrical energy prices, inflicting native suppliers to incur losses estimated at a whole lot of hundreds of thousands of baht.

Regardless of the presence of photo voltaic panels on web site, the researchers famous that they weren’t linked to the mining tools, which requires monumental computing energy to validate crypto transactions.

An official instructed reporters:

One of these theft not solely prices the economic system hundreds of thousands, but in addition places strain on the electrical energy provide.”

Authorities famous that the common month-to-month electrical energy invoice for households in Thailand is about 750 baht, which is in stark distinction to the economic consumption of the seized drilling rigs.

Bitcoin mining is thought for its excessive power consumption. In accordance with research, mining one Bitcoin in 2023 would require roughly 155,000 kilowatt hours (kWh) of electrical energy, even with extremely environment friendly setups.

In Thailand, the place electrical energy prices a median of 4 baht per kWh, mining one bitcoin would price 620,000 baht – way over a median family’s month-to-month electrical energy invoice of 750 baht.

The operation highlights the continued challenges for regulators as crypto mining actions develop globally. The Thai authorities maintains a cautious stance on digital asset actions, and officers confused the significance of defending public sources from exploitation.

The complete extent of the injury and extra events concerned within the scheme are nonetheless being investigated.