Thai police seize nearly 1000 Bitcoin mining rigs
The incident underscores the regulatory challenges of managing the high resource demands of cryptocurrency mining, prompting Thai officials to continue their investigation to safeguard public utilities and identify additional involved parties.
Authorities in Thailand have confiscated 996 Bitcoin mining rigs in Chon Buri province, accusing operators of illegally tapping into the power grid. The raid, conducted on 8 January in the Phanat Nikhom district, targeted JIT Co., a digital asset trading firm that allegedly tampered with power meters to avoid electricity charges. Losses to local providers are estimated in the hundreds of millions of baht.
Despite solar panels being present on the site, investigators revealed they were not connected to the equipment, which relies on immense computing power to mine Bitcoin. Thai officials highlighted the heavy energy demands of mining, which can cost hundreds of thousands of baht per Bitcoin, compared to the typical household electricity bill of 750 baht.
The case underscores the growing global challenge of managing crypto mining’s resource demands. Thai regulators reiterated the need to safeguard public utilities as they continue investigating the scheme and identifying additional parties involved.