YEREVAN (CoinChapter.com) — Thai authorities raided an illegal Bitcoin mining operation in Ratchaburi, a town west of Bangkok, following complaints about frequent power outages. The raid on August 23 uncovered that the mining activities were likely behind the month-long blackouts.
Ratchaburi Power Outages Linked to Illegal Bitcoin Mining Operation
Residents of Ratchaburi experienced unexplained power failures starting in mid-July. This prompted the Provincial Electricity Authority (PEA) and local police to investigate the source. They traced the power drain to a single house suspected of being the cause.
Upon inspection, officials found the house was being used for illegal Bitcoin mining. Jamnong Chanwong, the chief district security officer, noted that the house’s electricity consumption was unusually high, but the payments for electricity were suspiciously low. This indicated that the operators were stealing power to run the Bitcoin mining operation.
Bitcoin Miners Flee As Authorities Close In
The illegal Bitcoin mining operation had been running from the rented house for about four months. The significant power outages coincided with the period when the mining activities likely became fully operational. Despite the extensive equipment found at the site, no arrests were made during the raid. Authorities suspect that the operators fled after realizing law enforcement was closing in.
The investigation is ongoing as authorities work to identify those responsible. The incident highlights the growing issue of illegal BTC mining in Southeast Asia, where operators exploit low electricity costs to avoid high energy bills.
Southeast Asia Grapples with Illegal Bitcoin Mining Surge
Illegal Bitcoin mining is a widespread problem in Southeast Asia. Operators exploit the region’s low electricity costs to evade the high costs of mining. In Thailand, this has led to power disruptions, as seen in Ratchaburi.
In Malaysia, illegal mining operations have stolen an estimated $723 million worth of electricity between 2018 and 2023. Malaysian authorities have responded by destroying over $1.2 million worth of Bitcoin mining rigs confiscated from illegal operations.
Thailand has been more accommodating toward cryptocurrency activities than some of its neighbors. However, the rise in illegal mining operations indicates a need for stricter enforcement and monitoring. The Ratchaburi case shows the challenges of regulating a fast-evolving industry like cryptocurrency.
The Thai government has implemented regulations to protect investors and maintain financial stability. Still, the increase in illegal mining operations suggests that more robust measures might be needed.
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