Authorities in Thailand raided an illegal Bitcoin mining operation in Ratchaburi, a town west of Bangkok, after residents reported frequent power outages.
The raid on 23rd August followed complaints from locals and an investigation by the Provincial Electricity Authority (PEA), who identified the mining activity as the likely cause of the power disruptions.
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Electricity Theft Uncovered
The PEA, working with local police, traced the power drain to a single house that had unusually high electricity consumption.
Despite this, the payments for electricity were suspiciously low, indicating that the operators had been stealing power to fuel their Bitcoin mining activities.
The house had been rented by a company for four months, a period that coincides with the start of the power outages.
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Ongoing Investigation
No arrests were made during the raid, as the operators likely fled upon realising they had attracted attention. The investigation is ongoing, with authorities continuing to search for those responsible.
This incident underscores the growing problem of illegal Bitcoin mining in Southeast Asia, where operators exploit low electricity costs while evading the high energy bills typically associated with cryptocurrency mining.
Regional Context of Illegal Mining
Illegal Bitcoin mining has become widespread in Southeast Asia, with significant electricity theft reported in countries like Malaysia.
Between 2018 and 2023, Malaysia recorded $723 million in stolen electricity, leading to drastic enforcement measures, including the destruction of illegal mining rigs.
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Regulatory Challenges
While Thailand has generally been more welcoming toward cryptocurrency, this incident highlights the challenges of regulating the rapidly evolving industry.
Despite recent efforts by Thai financial authorities to create a crypto-friendly environment, the rise in illegal mining operations suggests a need for stricter enforcement and monitoring.
Miyuki
Huang Bo
Alex
Beincrypto
Bitcoinist
Crypto Briefing