TLDR
Thai authorities shut down illegal Bitcoin mining operation that stole millions in electricity
96 Bitcoin mining rigs seized in Chonburi district raid
Thailand launches crypto payment pilot program in Phuket for tourists
Bitcoin-to-baht conversion system to protect local businesses from volatility
“Bitcoin Town” in Kalasin already has 80+ shops accepting crypto payments
Thai authorities have uncovered a major cryptocurrency mining operation engaged in electricity theft, while simultaneously rolling out new initiatives to embrace digital currency payments in the tourism sector.
The Provincial Electricity Authority (PEA), working with the Crime Suppression Division, conducted a raid in the Phanat Nikhom district of Chonburi, resulting in the seizure of 996 Bitcoin mining rigs. The operation had been stealing electricity worth hundreds of millions of baht through tampered power meters.
Investigators found that the mining operation employed sophisticated methods to avoid detection. The perpetrators modified their electricity meters to operate normally during daylight hours while stealing power at night, according to testimony from a staff member involved in the investigation.
The Crime Suppression Division is now working to obtain arrest warrants for those responsible for the illegal mining operation. The identities of the operators remain unknown at this time.
Bitcoin mining requires substantial computational power and electricity to solve complex mathematical problems that verify transactions and create new bitcoins. The high energy costs associated with mining often represent the largest operational expense for mining facilities.
Crypto Pilot Program
In contrast to the crackdown on illegal mining, Thailand’s government has launched a groundbreaking initiative to integrate cryptocurrency payments into its tourism industry. Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced a pilot program in Phuket that will allow tourists to use Bitcoin for transactions.
The program enables foreign visitors to register their Bitcoin through Thai exchanges and complete identity verification processes. A clearing house system will handle the conversion of Bitcoin payments into Thai baht, protecting local businesses from cryptocurrency price fluctuations.
The pilot program operates within existing legal frameworks and requires no amendments to current laws, according to officials quoted in local media reports.
This initiative builds upon growing cryptocurrency adoption in Thailand, particularly in areas like Huay Phueng district in Kalasin, nicknamed “Bitcoin Town.” The district has emerged as a model for crypto adoption, with over 80 local businesses accepting Bitcoin payments.
These businesses span various sectors, including food vendors, market stalls, and transportation services. A local coffee shop in the district serves as an educational center for cryptocurrency knowledge sharing.
The contrast between illegal mining operations and legitimate payment initiatives reflects Thailand’s broader effort to balance innovation with regulation in the cryptocurrency space.
The Phuket pilot program specifically targets international tourists, recognizing the growing popularity of cryptocurrency among travelers. The system aims to provide seamless conversion between Bitcoin and Thai baht for visitor transactions.
Local businesses participating in the program receive protection from crypto market volatility through the clearing house system, which handles immediate conversion to Thai baht upon payment.
The government’s approach demonstrates a measured adoption of cryptocurrency technology, focusing on practical applications in the tourism sector while maintaining oversight of mining operations.
The timing of these developments shows Thailand’s dual focus on promoting legitimate cryptocurrency use while preventing abuse of resources through illegal mining operations.
The post Thailand Launches Tourist Crypto Payments While Shutting Down Illegal Mining appeared first on Blockonomi.
