Thai police seize 996 Bitcoin miners worth $2.88M

Thai authorities have confiscated 996 Bitcoin (CRYPTO:BTC) mining devices from JIT Co., a registered digital asset trading firm, in a raid conducted on January 8 in Chon Buri province.

The operation revealed that the company allegedly diverted electricity to power its mining rigs, resulting in substantial financial losses for local electricity providers.

Pol Maj Gen Montree Theskhan, commander of the Crime Suppression Division, reported that the electricity theft is estimated to be worth “hundreds of millions of baht,” with the lower end of the figure amounting to at least $2.88 million.

Investigators discovered that JIT Co. had modified power meters to run the mining equipment during nighttime hours while using them correctly during the day to avoid detection.

Despite having solar panels installed on-site, they were not connected to the mining operations, raising further questions about the firm's practices.

The Crime Suppression Division has not yet identified individuals responsible for the scheme but intends to seek court warrants for their arrest.

“This kind of theft not only costs the economy millions but also strains the electricity supply,” an official stated, highlighting the broader implications of such illegal activities.

The investigation is ongoing as authorities assess the full extent of damages and explore connections to other potential offenders.

Bitcoin mining is known for its high energy consumption, with estimates indicating that mining a single Bitcoin requires approximately 155,000 kilowatt hours (kWh) of electricity.

In Thailand, this translates to costs around 620,000 baht, significantly higher than the average monthly household electricity bill of approximately 750 baht.

This incident underscores ongoing regulatory challenges faced by Thai authorities as they navigate the complexities of cryptocurrency operations and their impact on public utilities.

As investigations continue, officials are focusing on safeguarding resources against exploitation in an increasingly digital economy.

At the time of reporting, the Bitcoin (BTC) price was $92,800.32.