Thai authorities have seized nearly 1,000 Bitcoin mining rigs in Chon Buri province, alleging that the operators were illegally using electricity to power the energy-intensive machines. This raid, which took place on January 8 in the Phanat Nikhom district, sheds light on the growing issue of public utility misuse for crypto mining operations. Thai authorities have previously conducted raids on properties that were consuming unusually large amounts of electricity.
The target of this operation was JIT Co., a company registered for digital asset trading. Police and officials from the Crime Suppression Division discovered evidence of tampered power meters, which allowed the company to evade electricity charges. By bypassing substantial electricity costs, the company incurred losses estimated in the hundreds of millions of baht for local providers.
Despite the presence of solar panels on the property, investigators found that they were not connected to the mining equipment. This equipment requires significant computing power to validate crypto transactions. An official stated that this kind of theft not only costs the economy millions but also strains the electricity supply.
Authorities highlighted the stark contrast between the typical monthly household electricity bill in Thailand, which is around 750 baht, and the industrial-scale consumption of the seized rigs. Bitcoin mining is notorious for its heavy energy consumption, with studies showing that mining a single Bitcoin in 2023 required approximately 155,000 kilowatt hours (kWh) of electricity, even with highly efficient setups.
In Thailand, where electricity costs average 4 baht per kWh, mining one bitcoin would amount to 620,000 baht, far surpassing the average household’s monthly electricity bill. This operation underscores the ongoing challenges faced by regulators as crypto mining operations continue to expand globally. The Thai government maintains a cautious stance on digital asset activities and emphasizes the importance of protecting public resources from exploitation.
Investigations are ongoing to determine the full extent of the damages and identify any additional parties involved in the scheme.
