Thailand’s Provincial Electricity Authority (PEA), in collaboration with the Crime Suppression Division (CSD), has dismantled a Bitcoin mining operation in Chonburi’s Phanat Nikhom district, accused of stealing electricity worth hundreds of millions of baht.
During a recent raid, officials seized 996 Bitcoin mining rigs from the facility. Investigations revealed that the operators had tampered with electricity meters to access power for their energy-intensive mining activities, bypassing detection and incurring significant losses for the state electricity provider.
“The operation was planned in a manner that would not raise suspicions,” an unnamed staff member told authorities. According to the testimony, the theft was timed to occur exclusively at night, allowing the meters to function normally during the day.
The perpetrators of the illegal operation remain unidentified, and the CSD is currently seeking court approval to issue arrest warrants.
Rising Incidents of Electricity Theft for Crypto Mining
Bitcoin mining, which relies on high-powered computers to verify transactions and create new bitcoins, is notoriously energy-intensive. Electricity constitutes the largest operational cost, often leading some operators to resort to illicit methods to maximize profits.
Thailand has faced recurring issues with illegal crypto-mining operations draining its power grid. In August 2024, a similar raid in Ratchaburi uncovered unregistered miners siphoning electricity, causing frequent blackouts and higher costs for local residents.
In Surat Thani province, two individuals were charged in late 2024 for stealing over $280,000 worth of electricity to power their mining rigs in an abandoned property.
This trend dates back even further. In 2022, Thailand’s Department of Special Investigation dismantled more than 50 crypto-mining operations in Bangkok, which had caused annual losses of over $10 million in stolen electricity.
Global Concerns Over Crypto Mining’s Impact
Thailand is not alone in grappling with the challenges posed by unauthorized crypto-mining operations. In Malaysia, national electricity provider Tenaga Nasional Berhad disclosed losses exceeding $100 million due to illegal mining activities in a 2024 report.
Globally, governments are taking stricter measures to control the crypto-mining industry. These include imposing regulations, limiting electricity usage, increasing tariffs, and, in some cases, implementing outright bans on mining activities.
The recent bust in Chonburi underscores the ongoing struggle between state authorities and illicit crypto miners as the energy-intensive nature of blockchain technology continues to spark debates about its environmental and economic implications.
This latest raid serves as a reminder of the mounting pressure on governments worldwide to regulate and address the darker side of cryptocurrency’s rapid rise.
