Energy theft: Thai police bust illegal Bitcoin operation
Authorities seize 111 crypto mining machines, uncovering theft worth $280,000
Thai authorities have busted illegal crypto mining operations across the country, seizing 111 machines, ten routers, ten altered power meters, and seven desktop computers.
Investigations began when a local resident in the southern part of Surat Thani province noticed something odd: several CCTV cameras installed around what appeared to be an empty house.
This observation prompted the Central Investigation Bureau—in partnership with the Provincial Electricity Authority—to raid the structure last week.
According to the Bangkok Post, officials examined two houses and seven commercial buildings, ultimately discovering they hosted illegal crypto mining operations. According to Barron, two 30-year-old suspects were arrested and charged with theft. One of these suspects owned two houses and rented seven commercial structures.
He reportedly started the illegal operations late last year, purchasing secondhand mining machines for the business. Authorities noticed that despite the sites’ high energy consumption, their power bills were unusually low, which suggested the meters had been tampered with.
It was determined that the altered power meters enabled the machines to steal more than $280,000 worth of energy. One of the suspects confessed to altering the meters and managing the power supply networks for the nine mining rigs.
Bitcoin mining generally requires powerful computers that use large amounts of energy, making energy costs a major factor in its expense. This has led to some miners tampering with power supplies to avoid the high cost of electricity, as seen in this case.
In Thailand, Bitcoin miners are categorized as manufacturers and are required to pay taxes. However, illicit crypto mining operations have been on the rise for years.
Although the country has witnessed several illegal Bitcoin mining raids this year, Thailand remains a thriving crypto hotspot. In fact, the country launched its Digital Asset Regulatory Sandbox in August, allowing businesses to test digital asset services in real-world contexts.
According to Thailand's Securities and Exchange Commission, “interested parties are welcome to participate in the Sandbox to test their digital assets-related services, promoting innovative development in the capital market under a framework of flexible regulation.”
For Thailand, balancing the benefits of crypto growth with control over illegal activities remains an ongoing challenge.
