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A company that is changing the way the world mines bitcoin

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Bitcoin Share
Bitcoinist 2025-01-10 05:00:06

Thai Authorities Raid Bitcoin Mining Farm Over Multi-Million Baht Electricity Theft

Thai Authorities Raid Bitcoin Mining Farm Over Multi-Million Baht Electricity Theft

Thailand is on a mission to address illegal mining operations causing massive power disruptions in its capital city, Bangkok, and neighboring areas. In its latest drive against these unregistered operations, the kingdom’s Provincial Electricity Authority (PEA) announced that it has shut down an illegal Bitcoin mining farm in the Phanat Nikhom, District of Chonburi. This time, the energy company worked with the Crime Suppression Division to raid the mining facility, which was suspected of tampering with the electricity meter for crypto-mining purposes. According to local reports, the PEA and CSD officers confiscated 996 Bitcoin mining machines and similar equipment. A representative of the raiding team said that crypto mining operations work with stolen power worth hundreds of millions of baht. The persons responsible for the questionable crypto-mining operations are unknown, but the CSD is preparing the necessary arrest warrants from the local court. Illegal Crypto Mining Remains A Problem For Thai Authorities Crypto mining is a complex technical process that requires high-end computers and related equipment. Because it requires massive power and investment in advanced equipment, it isn’t surprising that many groups run illegal crypto-mining operations. In Thailand, several crypto-mining operations have been set up, and many of these have been illegally tampering with the country’s electrical supply. Last November 2024, Thai authorities raided and closed at least nine illegal crypto-mining operations and charged two persons with stealing over $280k worth of electricity. In 2022, Bangkok’s Department of Special Investigation also carried out raids targeting over 50 illegal crypto-mining operations. Chonburi Mining Operator Illegally Tapped Into Local Electricity Supply According to local reports, an unidentified employee of the mining firm tipped the authorities about the possible electricity theft in the facility. Authorities said the facility used the electricity meter correctly daily to avoid suspicions and switch to illegal tapping by night. Police Maj. Gen. Montree Theskhan of the Crime Suppression Division said the company was registered for digital asset trading. However, it also operated crypto mining rigs that illegally used the state’s power supply at night. The investigations also revealed that solar panels were added to the compound but were not used to power the mining rigs. Illegal Crypto Mining Operations Also Reported In Other Countries Unregistered Bitcoin mining facilities are also operating in various parts of the world. For example, in its October 2024 report, the Malaysian primary power provider reported over $100 million in losses due to theft. These illegal crypto-mining activities have pushed national governments to tighten regulations and launch campaigns against violators. Some governments have banned mining and technology outright to control its negative effects. Featured image from Pexels, chart from TradingView

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