Thai police and electricity officials have reportedly seized 996 Bitcoin mining devices from a company they say illegally diverted electricity to run the machines.
The Bitcoin miners were confiscated in a road at JIT Co’s facility in Phanat Nikhom, Chon Buri, on Jan. 8, Pol Maj Gen Montree Theskhan, commander of the Crime Suppression Division, told the Bangkok Post on Jan. 9.
An estimated “hundreds of millions of baht” worth of electricity was allegedly stolen by JIT Co, with the lower end of 100 million baht figure amounting to at least $2.88 million at current rates.
The operators were registered to carry out digital asset trading but allegedly used modified power meters to run the mining rigs at night. It used the power meter correctly during the day to “avoid raising suspicions,” Nation Thailand reported on Jan. 9.
Contrary to the Bangkok Post’s Jan. 9 report, Nation Thailand said the Royal Thai Police’s Crime Suppression Division (CSD) hasn’t identified the individuals or company allegedly responsible for the electricity theft but will seek court warrants for their arrest.
The Provincial Electricity Authority assisted the CSD with the crypto mining machine seizure, Nation Thailand said.
Solar panels were also installed at the premises but weren’t connected to the Bitcoin miners, Bangkok Post noted.
The most efficient Bitcoin mining setup cost around 620,000 Thai Baht ($17,930) to mine one Bitcoin (BTC) — 825 times more expensive than the average monthly Thai power bill — the Bangkok Post noted in pointing to JIT Co’s potentially high electricity use.
Around $723 million worth of electricity was used to facilitate illegal crypto-mining operations In Thailand’s neighboring country, Malaysia, between 2018 and 2023, a July report found.
Malaysian officials have been seizing cryptocurrency miners since at least August 2019, with some of those machines getting crushed by a steamroller.
Thailand is reportedly planning to trial crypto payments in Phuket, one of its most popular tourist destinations, as part of a pilot program offering foreign visitors an alternative payment option.
It came after former Prime Minister Thaksin Shinawatra called on the current administration to study crypto in more detail to remain relevant on the global stage.
Magazine: Bitcoin miners steamrolled after electricity thefts, exchange ‘closure’ scam: Asia Express
