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 Bitcoin (BTC) miners were confiscated from JIT’s facility in Phanat Nikhom, Chon Buri, on Jan. 8, Police Major General Montree Theskhan, commander of the Crime Suppression Division, told the Bangkok Post on Jan. 9.
An estimated “hundreds of millions of baht” worth of electricity was allegedly stolen by JIT, with the lower end of 100 million baht figure amounting to at least $2.88 million at current rates.
The operators were registered to carry out digital asset trading but allegedly used modified power meters to run the mining rigs at night. It used the power meter correctly during the day to “avoid raising suspicions,” Nation Thailand reported on Jan. 9.
Differing from the Bangkok Post’s Jan. 9 report, Nation Thailand said the Royal Thai Police’s Crime Suppression Division (CSD) hadn’t identified the individuals or company allegedly responsible for the electricity theft but would seek court warrants for their arrest.
The Provincial Electricity Authority assisted the CSD with the crypto mining machine seizure, Nation Thailand said.
Solar panels were also installed at the premises but weren’t connected to the Bitcoin miners, Bangkok Post noted.
Related: China still controls 55% of Bitcoin hashrate despite crypto ban
Around $723 million worth of electricity was used to facilitate illegal crypto-mining operations In Thailand’s neighboring country, Malaysia, between 2018 and 2023, a July report said.
Malaysian authorities have been confiscating cryptocurrency mining machines since at least August 2019, with some of the equipment being destroyed using a steamroller.
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.
It came after former prime minister Thaksin Shinawatra called on the current administration to study crypto in more detail to remain relevant globally.
Magazine: Bitcoin miners steamrolled after electricity thefts, exchange ‘closure’ scam: Asia Express