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A company that is changing the way the world mines bitcoin

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coinpedia 2025-01-09 17:58:13

Thailand Authorities Shutdown Bitcoin Mining Operation for Power Theft

Thailand Authorities Shutdown Bitcoin Mining Operation for Power Theft

The post Thailand Authorities Shutdown Bitcoin Mining Operation for Power Theft appeared first on Coinpedia Fintech News Thai authorities have raided a large Bitcoin mining operation in Chonburi, which was found to be illegally using electricity by tampering with power meters. The operation, which caused major financial losses estimated in the hundreds of millions of Baht, was dismantled on January 9, 2025. The mining farm had rigged its electricity meters to consume large amounts of power at night while appearing normal during the day. During the raid, nearly 1,000 Bitcoin mining rigs were seized, with the operation carried out in collaboration with the Crime Suppression Division (CSD). The identities of the operators remain unknown, and investigations are ongoing. Bitcoin mining requires electricity for its high-performance computers, and some miners resort to illegal activities to reduce costs. This incident is not the first of its kind in Thailand, with previous illegal mining operations discovered in 2024, causing local blackouts. Thailand’s Provincial Electricity Authority (PEA) is expected to increase efforts to prevent electricity theft, while the CSD continues to investigate this operation. The global issue of illegal Bitcoin mining is not unique to Thailand, as countries like Russia have also dealt with similar incidents, including a raid in 2024 where authorities seized hundreds of mining rigs that were exploiting household electricity rates. Additionally, Thailand faces growing concerns over crypto-related crimes, including a cross-border fraud network recently dismantled in 2024 that operated across Thailand, Cambodia, and Myanmar. However, in November 2024, Binance’s Chief Marketing Officer, Rachel Conlan, said that Thailand is one of the exchange’s top 20 global markets, with crypto penetration in the country estimated at 12%, double the global average. Thailand has also been working on creating a regulatory framework for crypto, launching a digital asset regulatory sandbox to encourage crypto adoption.

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