Thai police, in collaboration with electricity officials, have confiscated almost 1,000 Bitcoin mining devices from a company accused of illegally using electricity for its operations.
The raid took place on January 8 at JIT Co's facility in Phanat Nikhom, Chon Buri. The operation was part of a broader effort to combat electricity theft related to cryptocurrency mining activities. The alleged electricity theft is estimated to be worth "hundreds of millions of baht."
The company used modified power meters to run its mining rigs during nighttime hours to evade detection. The Provincial Electricity Authority played a crucial role in assisting with the seizure of the mining equipment. Authorities are expected to seek court warrants for the arrest of those involved.
The crackdown on illegal mining in Thailand is part of a broader trend in Southeast Asia. In neighboring Malaysia, officials have been seizing mining equipment since August 2019. The significant energy demands of Bitcoin mining have led to increased scrutiny from authorities.
Despite the crackdown, Thailand is exploring the potential of cryptocurrency in other areas, such as trialing crypto payments in Phuket. The government faces the challenge of fostering innovation while ensuring compliance with regulations. The recent seizure of mining equipment highlights the ongoing battle against illegal activities in the sector and the need for clear guidelines to support legitimate operations.
The outcome of these efforts will shape the future of cryptocurrency in Thailand and influence how other nations in the region approach similar challenges.