Thai police have dealt a major blow to illegal Bitcoin mining with the seizure of nearly 1,000 mining devices during a raid in Chon Buri. The target company, JIT Co, is accused of embezzling millions of dollars worth of electricity.
Massive seizure of bitcoin mining machines
The Crime Suppression Division (CSD) of thailand carried out a large-scale operation on January 8th in JIT Co factory, located in Phanat Nikhom, Chon Buri province. Despite being legally registered for digital asset transactions, the company had allegedly set up a system to divert electricity.
Investigators discovered that operators were using modified electricity meters to run their mining platforms at night, while maintaining an appearance of normality during the day.
The damage is considerable, amounting to hundreds of millions of baht, with a minimum of 100 million baht (about $2.88 million).
A regional context for the fight against illegal mining
This intervention is part of a wider effort to regulate crypto mining in Southeast Asia. The issue is not isolated: neighboring Malaysia has reported losses amounting to $723 million linked to illegal mining between 2018 and 2023.
The “high” cost of Bitcoin mining in Thailand of around 620,000 baht ($17,930) to mine a single Bitcoin, partly explains the use of these fraudulent practices. This activity represents an energy bill 825 times higher than the average monthly consumption of a Thai household.
Paradoxically, while the authorities are hardening their stance on illegal mining, Thailand is exploring new opportunities in the crypto sector. A pilot project for crypto payments is currently being studied in Phuket, demonstrating the country’s desire for controlled innovation in this field.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
