Key Takeaways
- Thai authorities raided a Bitcoin mine linked to local power outages.
- The miners were stealing electricity to power their operations.
- Illegal Bitcoin mining is a growing issue across Southeast Asia.
Thai authorities conducted a raid on an illegal Bitcoin mining operation in Ratchaburi, a town near Bangkok, after residents reported persistent power outages since mid-July.
The raid, which occurred on August 23, uncovered the mining operation as the primary cause of the power disruptions.
High power consumption
Local police and the Provincial Electricity Authority (PEA) traced unusually high electricity consumption to a single house.
Despite the high power usage, the payments made for the electricity were suspiciously low, suggesting the operators had been stealing electricity. The house, rented for four months, had been outfitted with Bitcoin mining equipment. Although the operators fled before the raid, investigations are ongoing.
Illegal Bitcoin mining has become a widespread issue in Southeast Asia, where miners take advantage of lower electricity costs while avoiding the high expenses associated with the energy-intensive process. In Malaysia, illegal mining operations have stolen over $723 million worth of electricity since 2018, prompting authorities to destroy over $1.2 million worth of mining equipment.
Bitcoin in Thailand
Thailand, generally more supportive of Bitcoin than some neighboring countries, faces challenges in regulating the industry as it grows.
Recent regulatory shifts by the Thai SEC aim to support digital token investments, but the rise in illegal mining suggests a need for stricter oversight.
