Thai authorities recently confiscated 996 Bitcoin mining rigs from a facility in Phanat Nikhom, Chon Buri, following allegations of electricity theft. According to reports on January 9, the operation, linked to JIT Co., allegedly diverted electricity worth “hundreds of millions of baht,” with estimates starting at 100 million baht (around $2.88 million).
Allegations of Tampered Power Usage
The registered digital asset trading firm reportedly used modified power meters to conceal its activities. During the day, the company used the meters normally to avoid suspicion but secretly ramped up electricity usage at night to run the mining machines, according to Nation Thailand.
While Nation Thailand stated that no individuals or companies had been formally identified as responsible for the theft, Thai police are reportedly seeking court warrants to apprehend those involved. The Provincial Electricity Authority supported the operation by helping seize the equipment.
Interestingly, the premises included solar panels, but these were not connected to the Bitcoin mining equipment, Bangkok Post reported.
High Costs of Illegal Bitcoin Mining
Running Bitcoin mining rigs comes at a significant cost in Thailand. For context, a single Bitcoin mining setup can cost up to 620,000 Thai baht ($17,930) to produce one Bitcoin. This figure is 825 times higher than the average monthly electricity bill for Thai households, suggesting the magnitude of electricity consumption involved.
The operation in Thailand mirrors similar cases in neighboring Malaysia. Between 2018 and 2023, an estimated $723 million worth of electricity was consumed by illegal crypto-mining operations there. Malaysian officials have been cracking down on such activities since 2019, even destroying confiscated machines with steamrollers in some cases.
Thailand’s Evolving Crypto Landscape
Despite incidents like this, Thailand continues to explore cryptocurrency adoption. The country is reportedly planning a pilot program to enable crypto payments in Phuket, a popular tourist destination, offering foreign visitors a modern alternative to traditional payment methods.
Former Prime Minister Thaksin Shinawatra has encouraged the current administration to delve deeper into cryptocurrency to keep Thailand competitive on the global stage.
