Thailand’s Provincial Electrical energy Authority has shut down a Bitcoin mining farm for tampering with energy meters to steal electrical energy value lots of of thousands and thousands of baht.
In response to native media, the PEA, in collaboration with the Crime Suppression Division, has seized 996 Bitcoin mining rigs throughout a raid on the mining farm situated within the Phanat Nikhom district of Chonburi.
Authorities found the operators of the farm had tampered with their electrical energy meters to make use of electrical energy for mining operations largely freed from cost, resulting in thousands and thousands of baht in losses for the Thai state electrical energy supplier.
These chargeable for operating the operation are but to be recognized, and the CSD is within the technique of acquiring arrest warrants from the court docket.
The operation was deliberate in a way that will not increase suspicions. An unnamed workers member has testified that the theft was cleverly timed to happen solely at evening, with the ability meter functioning as traditional in the course of the day to keep away from detection.
Bitcoin mining is a posh course of that makes use of high-powered computer systems to unravel mathematical issues, confirm transactions, and create new bitcoins. This energy-intensive exercise makes electrical energy the biggest operational value, main some operators to resort to unlawful strategies to stretch their revenue margins.
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A recurring problem
Thailand’s energy grid has been persistently abused by unlawful miners, with a number of raids performed over the previous yr after the nation witnessed a mining growth following China’s crackdown on the sector in 2021.
The PEA, in August 2024, took down an identical operation in Ratchaburi, a city west of Bangkok, after unregistered miners had been discovered to be draining energy from the native electrical energy grid, resulting in frequent blackouts within the space and better prices for residents.
Extra just lately, two people from the Surat Thani province had been charged with stealing over $280,000 in electrical energy to energy their mining rigs in an deserted property.
In the meantime, again in 2022, the Division of Particular Investigation in Bangkok spearheaded a sequence of raids, dismantling over 50 crypto-mining operations that had been inflicting yearly losses of over $10 million in stolen electrical energy.
Comparable actions have been uncovered throughout different corners of the globe. As beforehand reported by crypto.information, Malaysia’s nationwide electrical energy supplier, in an October 2024 report, disclosed losses upwards of $100 million stemming from electrical energy theft to run Bitcoin mining {hardware}.
These incidents have sparked a world reckoning, with governments tightening rules, limiting electrical energy use, mountain climbing tariffs, and even imposing outright bans to exert better management over the crypto-mining business.
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