Thai police and electricity authorities reportedly confiscated 996 Bitcoin mining equipment from a company for illegally diverting electricity to run the machines.
The Bitcoin miners were seized on the road at JIT's facility in Phanat Nikom, Chonburi province, on January 8, said Pol Maj. Gen. Montri Teshan, commander of the Crime Suppression Division. said Bangkok Post, January 9th.
An estimated “hundreds of millions of baht” worth of electricity was allegedly stolen by JIT, with the lower limit of 100 million baht equivalent to at least $2.88 million at current rates.
The operators, who were registered to conduct digital asset transactions, allegedly used modified electricity meters to run their mining rigs at night. The power meter was used correctly during the day “to avoid suspicion” (Nation Thailand) reported January 9th.
Contrary to the Bangkok Post's Jan. 9 report, Nation Thailand reported that the Royal Thai Police's Crime Suppression Division (CSD) has not identified the individuals or companies allegedly responsible for the power theft, but has not made any arrests. He said he would seek a court warrant for this.
According to Nation Thailand, the Provincial Electricity Bureau assisted the CSD in seizing virtual currency mining machines.
The site also had solar panels installed, but they were not connected to Bitcoin miners, the Bangkok Post noted.
The most efficient Bitcoin mining setup cost around 620,000 Thai Baht ($17,930) to mine one Bitcoin (BTC). This is 825 times the average monthly electricity bill in Thailand. The Bangkok Post noted that JIT Co's electricity usage could be higher.
Related: Despite crypto ban, China still controls 55% of Bitcoin's hashrate
In Thailand's neighboring Malaysia, approximately $723 million worth of electricity was used to facilitate illegal cryptocurrency mining activities from 2018 to 2023, a July report found. .
Malaysian authorities have been confiscating cryptocurrency miners since at least August 2019, with some of the machines crushed under steamrollers.
Thailand reportedly plans to pilot cryptocurrency payments in Phuket, one of its most popular tourist destinations, as part of a pilot program to offer alternative payment options to foreign tourists. It is being
This comes after former Prime Minister Thaksin Shinawatra called on the current government to study cryptocurrencies more closely to maintain relevance on the world stage.
magazine: Bitcoin miners riot over power theft, exchange “shutdown” scam: Asia Express
