In a recent crackdown on cryptocurrency-related activities, Thai police and electricity officials have reportedly seized 996 Bitcoin mining rigs from a company they claim illegally diverted electricity to run the machines. The seizure took place at JIT’s facility in Phanat Nikhom, Chon Buri, on January 8.

Estimated Losses in Electricity Worth ‘Hundreds of Millions’

According to reports, an estimated "hundreds of millions of baht" worth of electricity was allegedly stolen by JIT, with the lower end of the 100 million baht figure amounting to at least $2.88 million at current rates. This staggering loss highlights the scale of the alleged electricity theft and the potential consequences for both the environment and the economy.

Registration for Digital Asset Trading but Alleged Use for Mining

It has been reported that JIT was registered to carry out digital asset trading but allegedly used modified power meters to run the mining rigs at night. The operators claimed to be using the power meter correctly during the day to "avoid raising suspicions," as noted by Nation Thailand.

Court Warrants Sought for Arrest

The Royal Thai Police’s Crime Suppression Division (CSD) has stated that they have not identified the individuals or company responsible for the electricity theft. However, they will seek court warrants for their arrest, according to Nation Thailand. The Provincial Electricity Authority assisted the CSD with the crypto mining machine seizure.

Solar Panels Installed but Not Connected

Interestingly, solar panels were installed at the premises but were not connected to the Bitcoin miners, as noted by the Bangkok Post. This suggests that the operators may have been attempting to present a more environmentally friendly facade while still engaging in illicit activities.

Related Developments: Malaysia’s Crypto Mining Crackdown

In neighboring country Malaysia, authorities have been confiscating cryptocurrency mining machines since at least August 2019. Some of the equipment has been destroyed using a steamroller, highlighting the severity with which the government is tackling this issue.

A July report estimated that around $723 million worth of electricity was used to facilitate illegal crypto-mining operations in Thailand’s neighboring country between 2018 and 2023. This figure underscores the significant scale of electricity theft associated with cryptocurrency mining.

Thailand Trials Crypto Payments

In a contrasting development, Thailand is reportedly planning to trial crypto payments in Phuket, one of its most popular tourist destinations, as part of a pilot program offering foreign visitors an alternative payment option. This move follows calls from former prime minister Thaksin Shinawatra for the current administration to study cryptocurrency in more detail to remain relevant globally.

Magazine: Bitcoin Miners Steamrolled After Electricity Theft and Exchange ‘Closure’ Scam

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