Thai authorities have seized 996 Bitcoin mining machines from JIT Co in Phanat Nikhom, Chon Buri, amid allegations of illegal power diversion. The raid, conducted on January 8 by the Crime Suppression Division (CSD) and the Provincial Electricity Authority, uncovered a sophisticated scheme that reportedly cost the country “hundreds of millions of baht,” equivalent to at least $2.88 million.
Investigations revealed that the operators allegedly tampered with power meters, allowing the mining rigs to run illicitly during nighttime hours while drawing legitimate electricity during the day. Despite the presence of solar panels at the facility, officials confirmed they were not connected to the mining operations.
The Bangkok Post linked JIT Co to the power theft, but Nation Thailand reported that the culprits remain unidentified, with authorities working to secure arrest warrants.
Bitcoin mining in Thailand comes at a hefty price, with the cost to mine a single Bitcoin estimated at around 620,000 baht ($17,930)—an amount 825 times higher than the average monthly power bill for a Thai household.
This case underscores the escalating issue of illegal crypto mining across Southeast Asia. A recent report highlighted that Malaysia suffered electricity losses amounting to $723 million due to illegal mining activities between 2018 and 2023, with confiscated equipment often destroyed.
Meanwhile, Thailand is exploring cryptocurrency applications, including a pilot project for crypto payments in Phuket aimed at boosting foreign tourism. Former Prime Minister Thaksin Shinawatra has urged the government to adopt cryptocurrency to remain competitive on the global stage.
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