In a significant crackdown, Thai authorities have confiscated nearly 1,000 Bitcoin mining devices from a company accused of illegally tapping into the local power grid.
The raid, conducted at JIT Co’s facility in Chon Buri, uncovered the mining rigs being operated under false pretenses, using modified meters to divert electricity for overnight operations.
The theft of electricity is believed to have cost the company millions, with estimates reaching as high as $2.88 million. The company, initially registered for digital asset trading, allegedly used proper meters during the day but resorted to illicit methods at night to run its mining operations unnoticed.
Authorities, working with the Provincial Electricity Authority, have seized the equipment but have not yet named those responsible. The case is under investigation, and arrest warrants are expected soon. In addition to the mining setup, solar panels were found at the site, but they were not connected to the Bitcoin rigs.
Bitcoin mining in Thailand carries steep energy costs, with some setups requiring over $17,000 to mine just one Bitcoin, far exceeding the average Thai household’s monthly electricity bill. This highlights the scale of the illicit operations.
This seizure is part of a broader regional issue, as neighboring Malaysia has also been battling illegal crypto mining operations. Meanwhile, Thailand is exploring crypto adoption, with plans to test crypto payments in Phuket, one of its key tourist destinations, signaling a push to integrate digital currencies into its economy.