Thailand seizes nearly 1,000 Bitcoin Mining Rig that "steal" electricity from the grid

Here is the English translation: In a raid in the eastern part of the country, Thai authorities have seized 996 illegal Bitcoin Mining Rigs. Thailand seized nearly 1,000 "stolen electricity" Bitcoin Mining Rigs. Image: Pattaya One News Thailand has just discovered a large-scale "electricity theft" operation to run a Bitcoin mining farm. According to information from Bangkok Post and Nation Thailand, the Crime Suppression Division (CSD) and the Provincial Electricity Authority (PEA) seized 996 Bitcoin Mining Rigs at the JIT Co. facility in Phanat Nikhom District, Chon Buri, on January 08. The company had used customized electricity meters to "steal electricity" at night, while operating legally during the day to avoid suspicion. The total value of the stolen electricity is estimated to be hundreds of millions of Baht, approximately $2.88 million. Although Bangkok Post reported that the CSD has identified the perpetrators, Nation Thailand said the authorities have not yet named the individuals or organizations behind it and are seeking a court order for arrest. The facility also installed solar panels, but they were not connected to the Bitcoin Mining Rigs. The cost of mining one Bit in Thailand, with an optimal setup, falls around 620,000 Baht ($17,930), 825 times higher than the average monthly electricity bill of Thais, revealing the massive power consumption of these Mining Rigs. The issue of illegal cryptocurrency mining is not only happening in Thailand but is also prevalent in neighboring countries like Malaysia. From 2018 to 2023, about $723 million worth of electricity has been illegally used for this activity. The Malaysian government has started seizing mining devices since around August 2019, and they have even crushed Mining Rigs with steamrollers to deter such violations. On the flip side, Thailand is actively promoting the adoption of cryptocurrencies in the economy. The Thai government has just introduced a pilot scheme for crypto payments in Phuket, a popular tourist destination, as an alternative payment solution for international visitors. Previously, former Prime Minister Thaksin Shinawatra had called on the interim government to further research cryptocurrencies to maintain Thailand's position on the international stage. The Land of Smiles has also introduced several open policies towards crypto, such as a 15% tax exemption on crypto gains, as well as paving the way for large investors to participate in US Bitcoin ETFs, allowing mutual funds and private funds to invest in cryptocurrencies.