Thai Authorities Seize Nearly 1000 Bitcoin Mining Rigs for Illegally Using Electricity
Authorities in Thailand recently confiscated 996 Bitcoin (BTC) mining rigs in Chon Buri province for illegally siphoning electricity to power the energy-intensive machines. The raid, which took place on Jan. 8 in the Phanat Nikhom district, is part of a larger effort to crack down on the misuse of public utilities for crypto mining operations.
Illegal Electricity Usage
- Police and officials targeted JIT Co., a digital asset trading firm, after finding evidence of tampered power meters used to evade electricity charges.
- The modified meters allowed the company to bypass significant electricity costs, resulting in losses estimated in the hundreds of millions of baht for local providers.
- Despite having solar panels on the property, they were not connected to the mining equipment, which requires high computing power to validate crypto transactions.
Heavy Energy Consumption
Bitcoin mining is notorious for its heavy energy consumption. In 2023, mining a single Bitcoin required around 155,000 kilowatt hours (kWh) of electricity, even with efficient setups. In Thailand, where electricity costs about 4 baht per kWh, mining one bitcoin would cost 620,000 baht, significantly more than the average household’s monthly electricity bill of 750 baht.
Regulatory Challenges
- Thailand’s government is cautious about digital asset activities and is working to safeguard public resources from exploitation.
- Authorities are continuing investigations to assess the full extent of damages and identify other parties involved in the illegal scheme.
Overall, the seizure of the Bitcoin mining rigs in Thailand highlights the challenges regulators face as crypto mining operations expand globally.
