Thai authorities recently seized nearly a thousand Bitcoin mining rigs in Chon Buri province, citing illegal electricity usage to power the energy-intensive machines. The raid, carried out on Jan. 8 in the Phanat Nikhom district, sheds light on the growing issue of public utility misuse for crypto mining operations. This isn’t the first time Thai authorities have cracked down on properties consuming excessive electricity.
The target of the raid was JIT Co., a company registered for digital asset trading. Evidence of tampered power meters was discovered, indicating that the company was evading electricity charges. Crime Suppression Division Commander Montree Theskhan, who oversaw the operation, mentioned that the modified meters allowed the company to bypass significant electricity costs, resulting in estimated losses in the hundreds of millions of baht for local providers.
Despite the presence of solar panels on the property, investigators found that they were not linked to the mining equipment, which demands substantial computing power to validate crypto transactions. An official involved in the operation stated, “This kind of theft not only costs the economy millions but also strains the electricity supply.”
The average monthly household electricity bill in Thailand is around 750 baht, a stark contrast to the industrial-scale consumption observed with the confiscated rigs. Bitcoin mining is notorious for its high energy consumption, with studies suggesting that mining a single Bitcoin in 2023 required approximately 155,000 kilowatt hours (kWh) of electricity, even with efficient setups.
In Thailand, where electricity costs approximately 4 baht per kWh, mining a single Bitcoin could cost around 620,000 baht – well above the average monthly electricity bill of 750 baht for households. This operation underscores the challenges faced by regulators as crypto mining activities expand globally. The Thai government remains cautious about digital asset activities, emphasizing the need to protect public resources from exploitation.
Investigations are ongoing to determine the full extent of the damages and identify any additional parties involved in the illicit scheme. Stay tuned for updates on this developing story.