Thai authorities have seized 996 Bitcoin (BTC) mining rigs in Chon Buri province, accusing operators of illegally siphoning electricity to power the energy-intensive machines.
The raid, carried out on January 8 in Phanat Nikhom district, highlights growing concerns over the misuse of public utilities for crypto mining activities. Thai authorities previously conducted several raids on properties consuming an unusually large amount of electricity.
Police and Crime Suppression Division officials targeted JIT Co., a company registered for trading in digital assets, after finding evidence of manipulated energy meters used to evade electricity charges.
Commander Montree Theskhan of the Crime Suppression Division, who led the operation, said the modified meters allowed the company to avoid substantial electricity costs, causing local suppliers to incur losses estimated at hundreds of millions of baht.
Despite the presence of solar panels on site, the researchers noted that they were not connected to the mining equipment, which requires enormous computing power to validate crypto transactions.
An official told reporters:
This type of theft not only costs the economy millions, but also puts pressure on the electricity supply.”
Authorities noted that the average monthly electricity bill for households in Thailand is about 750 baht, which is in stark contrast to the industrial consumption of the seized drilling rigs.
Bitcoin mining is known for its high energy consumption. According to studies, mining one Bitcoin in 2023 would require approximately 155,000 kilowatt hours (kWh) of electricity, even with highly efficient setups.
In Thailand, where electricity costs an average of 4 baht per kWh, mining one bitcoin would cost 620,000 baht – far more than an average household’s monthly electricity bill of 750 baht.
The operation highlights the ongoing challenges for regulators as crypto mining activities grow globally. The Thai government maintains a cautious stance on digital asset activities, and officials stressed the importance of protecting public resources from exploitation.
The full extent of the damage and additional parties involved in the scheme are still being investigated.