996 Bitcoin mining devices, allegedly used without permission to tap into the power supply, were confiscated by Thai authorities from a company, according to reports, involving both police and electricity officials.
On January 8th, Bitcoin mining equipment was seized along a road at JIT Co’s facility in Phanat Nikhom, Chon Buri, as reported by Pol Maj Gen Montree Theskhan, head of the Crime Suppression Division, to the Bangkok Post on January 9th.
Approximately “a significant number of dollars” (let’s say around 300 million dollars) worth of electricity is claimed to have been illegally taken by JIT Co, with the minimum value of 100 million baht equating to approximately $2.88 million at present exchange rates.
The operators had permission to trade digital assets, but it’s claimed they manipulated energy meters to operate their mining equipment at night secretly. They reportedly used these meters appropriately during daytime to avoid arousing suspicion, as per the report published by Nation Thailand on January 9th.
Despite the Bangkok Post’s claim on January 9th, Nation Thailand stated that the Crime Suppression Division of the Royal Thai Police has yet to pinpoint the specific individuals or companies accused of electricity theft. However, they plan to obtain arrest warrants from the court in order to take action against them.
According to Nation Thailand, the Provincial Electricity Authority helped in confiscating cryptocurrency mining machines, as reported.
At the location, solar panels were put up too, though they didn’t get linked with the Bitcoin mining machines, as reported by The Bangkok Post.
In simpler terms, it costs approximately 620,000 Thai Baht or $17,930 to efficiently set up a Bitcoin mining operation that produces one Bitcoin. This is roughly 825 times the average monthly cost of electricity in Thailand. The Bangkok Post highlighted this significant potential energy consumption by JIT Co.
Approximately $723 million in electricity was consumed for clandestine cryptocurrency mining activities in Malaysia, a neighboring country of Thailand, according to a report published in July, spanning the years from 2018 to 2023.
Since at least August 2019, I’ve noticed that Malaysian authorities have been confiscating my crypto mining equipment. In some instances, these seized machines were reportedly flattened by a steamroller.
It seems that Thailand might test using cryptocurrencies for transactions in Phuket, a well-known tourist spot, as part of a program aimed at providing tourists with a different payment choice.
After Former Prime Minister Thaksin Shinawatra urged the present government to delve deeper into cryptocurrency, it was suggested that they do so in order to stay competitive on a global level.
Read More
- HBAR PREDICTION. HBAR cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- FLOKI PREDICTION. FLOKI cryptocurrency
- JTO PREDICTION. JTO cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- Dandadan Shares First Look at Season Finale: Watch
2025-01-10 03:54