Bitcoin mining costs around $17,930 per coin 825 times higher than the average monthly Thai power bill.
Thai authorities have confiscated 996 Bitcoin mining machines from JIT Co in Phanat Nikhom, Chon Buri, on January 8. Police allege the company illegally diverted electricity to power the mining rigs, resulting in a loss of “hundreds of millions of baht,” equivalent to at least $2.88 million.
According to the Bangkok Post, the operators reportedly modified power meters to run the machines at night while using legal electricity during the day to avoid detection. Despite installing solar panels at the facility, they were not connected to the mining operations.
The Crime Suppression Division (CSD) and the Provincial Electricity Authority led the raid. While the Bangkok Post linked JIT Co to the theft, Nation Thailand reported that officials have yet to identify the culprits and are working to secure arrest warrants.
Bitcoin mining in Thailand is costly, with the most efficient setup costing around 620,000 baht ($17,930) to mine one Bitcoin, 825 times higher than an average Thai household’s monthly power bill.
This case highlights the growing issue of illegal crypto mining in Southeast Asia. A report revealed that Malaysia lost $723 million in electricity to illegal mining between 2018 and 2023, with seized equipment often destroyed.
Meanwhile, Thailand is exploring crypto payments in Phuket as part of a pilot project to attract foreign tourists. Former Prime Minister Thaksin Shinawatra urged the government to embrace cryptocurrency to stay competitive globally.