Thai authorities have uncovered an illegal Bitcoin mining operation in Ratchaburi, a town west of Bangkok, following a series of power outages that plagued the area for over a month. The raid, conducted on August 23, was triggered by numerous complaints from residents who had been experiencing unexplained blackouts since mid-July.
The investigation, led by the Provincial Electricity Authority (PEA) and local police, traced the source of the power drain to a single house. Upon inspection, officials discovered that the property had been converted into a Bitcoin mining hub. The house’s electricity usage was unusually high, but the payments were suspiciously low, indicating that the operators were stealing power to run their mining equipment.
The mining setup was installed by a company that had rented the property for about four months. Authorities believe the significant power outages began when the mining operation became fully operational. However, no arrests were made during the raid, as the operators likely fled after realizing their activities had attracted attention.
This incident is part of a growing trend of illegal Bitcoin mining operations across Southeast Asia, where operators take advantage of lower electricity costs while evading the high energy expenses associated with cryptocurrency mining. In Malaysia, similar operations have resulted in the theft of an estimated $723 million worth of electricity between 2018 and 2023.
While Thailand has generally been more welcoming to cryptocurrency activities compared to its regional counterparts, this case underscores the challenges of regulating the rapidly evolving industry. Despite recent crypto-friendly regulations, such as allowing retail investors to purchase digital tokens backed by real estate or infrastructure projects, the rise of illegal mining operations highlights the need for stricter enforcement and monitoring.