5 months ago
Thai authorities confiscated 996 Bitcoin (BTC) mining rigs successful Chon Buri province, accusing operators of illegally siphoning energy to powerfulness the energy-intensive machines.
The raid, conducted connected Jan. 8 successful the Phanat Nikhom district, highlights increasing concerns astir the misuse of nationalist utilities for crypto mining operations. Thai authorities antecedently conducted several raids connected properties consuming an unusually ample magnitude of electricity.
Police and officials from the Crime Suppression Division targeted JIT Co., a steadfast registered for integer plus trading, aft uncovering grounds of tampered powerfulness meters utilized to evade energy charges.
Crime Suppression Division Commander Montree Theskhan, who led the operation, said the modified meters allowed the institution to bypass important energy costs, incurring losses estimated successful the hundreds of millions of baht for section providers.
Despite the beingness of star panels connected the property, investigators noted they were not connected to the mining equipment, which requires immense computing powerfulness to validate crypto transactions.
An authoritative told reporters:
This benignant of theft not lone costs the system millions but besides strains the energy supply.”
Authorities noted that the emblematic monthly household energy measure successful Thailand is astir 750 baht, contrasting sharply with the industrial-scale depletion of the seized rigs.
Bitcoin mining is known for its dense vigor consumption. According to studies, mining a azygous Bitcoin successful 2023 required astir 155,000 kilowatt hours (kWh) of electricity, adjacent with highly businesslike setups.
In Thailand, wherever energy costs mean 4 baht per kWh, mining 1 bitcoin would magnitude to 620,000 baht — acold beyond the mean household’s monthly energy measure of 750 baht.
The cognition highlights ongoing challenges for regulators arsenic crypto mining operations turn globally. Thailand’s authorities maintains a cautious stance connected integer plus activities, and officials stressed the value of safeguarding nationalist resources against exploitation.
Investigations are continuing to measure the afloat scope of damages and place further parties progressive successful the scheme.
The station Thailand seizes 996 Bitcoin miners aft busting section cognition stealing electricity appeared archetypal connected CryptoSlate.
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