Key Takeaways
- Thai police seized 996 Bitcoin miners linked to energy theft.
- The operation caused millions of dollars in power grid losses.
- The company allegedly mined Bitcoin at night to avoid detection.
Thai police have seized 996 Bitcoin mining machines during a raid on JIT Co., a company operating in the Phanat Nikhom district of Chon Buri province, amid allegations of large-scale energy theft.
The operation was conducted jointly by the Crime Suppression Division (CSD) and the Provincial Electricity Authority (PEA), according to the Bangkok Post.
Allegations of theft
Authorities allege that JIT Co., registered for digital asset trading, tampered with its power meter to mine Bitcoin while evading electricity costs.
The theft reportedly caused substantial financial losses to the power grid, with PEA officials estimating the stolen electricity’s value at hundreds of millions of baht.
Night operations
A staff member admitted to police that the company conducted its mining operations at night to avoid detection, using the power meter normally during the day.
Investigators are working to identify those responsible and plan to obtain arrest warrants.
Mining context
Bitcoin mining, a key component of the network’s proof-of-work system, involves solving computational puzzles to validate transactions.
However, the process demands significant energy, leading some operators to resort to illegal means to cut costs.
Investigation status
The CSD commander, Pol Maj Gen Montree Theskhan, emphasized that the investigation is ongoing and further legal action will be taken against those involved.
