Thai authorities recently seized nearly a thousand Bitcoin mining rigs in Chon Buri province for allegedly stealing electricity to power the energy-intensive machines. The raid, which took place on January 8 in the Phanat Nikhom district, is part of a broader crackdown on the misuse of public utilities for cryptocurrency mining operations.
This particular operation targeted JIT Co., a company registered for digital asset trading, after authorities discovered evidence of tampered power meters being used to avoid paying for the electricity used to run the mining rigs. The Crime Suppression Division, led by Commander Montree Theskhan, found that the modified meters allowed the company to bypass significant electricity costs, resulting in losses estimated in the hundreds of millions of baht for local providers.
Despite the presence of solar panels on the property, investigators determined that they were not actually connected to the mining equipment, which requires substantial computing power to validate cryptocurrency transactions. According to an official statement, “This kind of theft not only costs the economy millions but also strains the electricity supply.”
The average monthly household electricity bill in Thailand is around 750 baht, a stark contrast to the industrial-scale consumption of the confiscated mining rigs. Mining a single Bitcoin in 2023 reportedly required approximately 155,000 kilowatt hours of electricity, even with highly efficient setups. With Thailand’s average electricity cost of 4 baht per kWh, the cost of mining one Bitcoin would amount to 620,000 baht—significantly higher than the average household’s monthly electricity bill.
This incident underscores the challenges faced by regulators as cryptocurrency mining operations continue to expand globally. The Thai government maintains a cautious approach to digital asset activities and emphasizes the importance of protecting public resources from exploitation. Investigations are ongoing to assess the extent of the damages and identify any other parties involved in the illegal scheme.
As the cryptocurrency industry evolves, authorities worldwide will need to remain vigilant in enforcing regulations to prevent abuse of public utilities and ensure the responsible use of energy resources.