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Authorities in Thailand recently conducted a raid on an illegal Bitcoin mining operation in Ratchaburi, a town west of Bangkok, following numerous complaints from residents about persistent power outages.
Officials uncovered that these outages, which had been occurring since mid-July, were linked to unauthorized mining activities. The Provincial Electricity Authority (PEA), in collaboration with local police, traced the excessive power consumption to a single residence, which had been repurposed for {Bitcoin} (BTC) mining operations.
The raid revealed that the electricity consumption at the property was significantly higher than typical residential use, yet the payments for the electricity were unusually low. This discrepancy suggested that the mining operation was engaging in power theft. The Bitcoin mining equipment was found in a house rented by a company that had been using it for several months, aligning the timing of the power outages with the start of the mining activities. Despite the findings, no arrests were made during the raid, and it is suspected that the operators vacated the premises upon learning of the investigation.
Illegal Bitcoin mining has become a significant issue in Southeast Asia, where operators exploit the region's relatively low electricity costs while evading the high energy bills associated with cryptocurrency mining. In Malaysia, for instance, illegal mining operations have reportedly resulted in substantial losses from stolen electricity, prompting authorities to take severe measures such as destroying confiscated mining rigs.
Thailand's approach to cryptocurrency regulation has been more lenient compared to some of its regional neighbors. However, the incident in Ratchaburi underscores the challenges associated with regulating and monitoring cryptocurrency activities. While the Thai government has introduced regulations aimed at safeguarding investors and ensuring financial stability, the rise in illegal mining operations indicates a need for enhanced enforcement and oversight.
In contrast to these illegal activities, Thailand's financial authorities have recently adopted a more progressive stance toward digital assets. In January, the Thai Securities and Exchange Commission removed restrictions on retail investors, enabling them to purchase digital tokens linked to real estate and infrastructure projects.