Thai authorities have carried out a significant operation to crack down on a company accused of illegally using the local power grid for Bitcoin mining. Nearly 1,000 mining devices were confiscated from the facility of JIT Co in Chon Buri. The operation revealed that the mining rigs were operating under false pretenses, using modified meters to divert electricity for overnight operations. It is estimated that the theft of electricity has cost the company millions of dollars, with estimates reaching as high as $2.88 million. The company, which was 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, in collaboration with the Provincial Electricity Authority, have seized the equipment but have not yet identified those responsible. The case is currently under investigation, and arrest warrants are expected to be issued soon. In addition to the mining setup, solar panels were found at the site, although they were not connected to the Bitcoin rigs.
Bitcoin mining in Thailand incurs high energy costs, with some setups requiring over $17,000 to mine just one Bitcoin, substantially exceeding the average monthly electricity bill of a Thai household. This highlights the scale of the illicit mining operations. The seizure of the mining devices is part of a broader regional issue, as neighboring Malaysia has also been combating illegal crypto mining operations. On the other hand, Thailand is exploring the adoption of cryptocurrencies, with plans to test crypto payments in Phuket, one of its major tourist destinations, indicating a push to incorporate digital currencies into its economy.