🚀 THAILAND SEIZES NEARLY 1,000 BITCOIN MINERS FOR ELECTRICITY THEFT

⭐ Large-scale raid

➡️ Thailand has just confiscated 996 illegal Bitcoin mining machines at JIT Co facility, Phanat Nikhom district, Chon Buri. This facility used customized electricity meters to steal electricity at night, avoiding suspicion while operating legally during the day.

⭐ Significant economic damage

➡️ The total value of stolen electricity is estimated to be hundreds of millions of baht (approximately 2.88 million USD). The mining machines consume a massive amount of electricity, with the cost of mining one Bitcoin in Thailand reaching up to 620,000 baht (17,930 USD).

⭐ Investigation and prosecution

➡️ Currently, authorities are seeking an arrest warrant from the court to prosecute the offenders. Despite installing solar panels, this facility did not connect them to the Bitcoin mining machines.

⭐ The state of illegal mining in the region

➡️ Illegal cryptocurrency mining is not limited to Thailand but is common in countries like Malaysia, which has lost 723 million USD in electricity costs from 2018–2023. The Malaysian government has even crushed mining machines as a deterrent.

⭐ Thailand promotes legal cryptocurrency

➡️ Despite violations, Thailand continues to actively integrate crypto into the economy. The government is piloting crypto payments in Phuket and implementing a 15% tax exemption on profits from cryptocurrency to attract investors. Previously, former Prime Minister Thaksin Shinawatra also called for deeper research into cryptocurrency to maintain the international position of mutual funds and private funds allowed to invest in cryptocurrency.