Thai Police Crack Down on Illegal Bitcoin Mining
The Provincial Electricity Authority (PEA) of Thailand, in collaboration with the Crime Suppression Division (CSD), shut down an illegal bitcoin mining farm. Authorities raided the facility in the Phanat Nikhom district of Chonburi, confiscating 996 mining rigs. The farm was found to have tampered with electricity meters to obtain nearly free power, causing losses amounting to hundreds of millions of baht.
Clever Planning and Meter Manipulation
The operators of the mining farm carefully orchestrated their activities to avoid suspicion. Electricity meters functioned normally during the day, while electricity theft occurred only at night. This calculated approach was designed to conceal illegal operations and evade detection.
Energy-Intensive Bitcoin Mining
Bitcoin mining is a process that demands massive energy consumption. Electricity expenses account for the largest share of operational costs, prompting some operators to resort to illegal methods to maximize profits. By bypassing regulations, these miners significantly reduce their expenses.
A Growing Problem of Illegal Mining in Thailand
Exploitation of Electric Grids on the Rise
Thailand's electric grid has faced repeated attacks from illegal cryptocurrency miners. Following China’s crackdown on bitcoin mining in 2021, Thailand has become a hotspot for unauthorized operations. Over the past year, several raids have been conducted.
In August 2024, authorities uncovered a similar mining farm in Ratchaburi, where illegal miners caused power outages and higher electricity costs for local residents. In another case, two individuals in Surat Thani province were accused of stealing $280,000 worth of electricity to power mining rigs on an abandoned property.
Widespread Damage and Global Consequences
In 2022, Bangkok’s Department of Special Investigation carried out a series of raids, dismantling over 50 illegal mining operations. These activities caused yearly electricity losses exceeding $10 million.
Similar issues have been reported globally. In October 2024, Malaysia's national electricity provider announced losses of over $100 million due to electricity theft for bitcoin mining.
Addressing the Issue: Stricter Regulations
These incidents have prompted governments worldwide to introduce tougher measures. Regulations are being tightened, electricity tariffs increased, consumption limited, and in some cases, outright bans on crypto mining are being enforced. These efforts aim to gain better control over this energy-intensive sector.
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