Authorities in Kanchanaburi are currently investigating a case of unlawful bitcoin mining that involved the theft of electricity from 10 different locations in Tha Muang district. The Department of Special Investigation (DSI), along with local police and the Provincial Electricity Authority (PEA), conducted raids on Wednesday after suspicions were raised regarding abnormal electricity consumption patterns.
It was discovered that the cryptocurrency miners had manipulated electronic devices to tamper with electricity meters, resulting in significantly reduced power bills ranging from 100 to 400 baht per month at each location. In reality, the actual electricity usage amounted to more than 250,000 baht per month per site. This fraudulent activity led to losses of over 2.5 million baht for the PEA.
Bitcoin mining is an energy-intensive process, with studies showing that dedicated mining companies can consume up to 155,000 kilowatt hours (kWh) of electricity to mine a single bitcoin. In Thailand, this would translate to around 620,000 baht, based on a power tariff of 4 baht per kWh. To put this into perspective, the average household power bill in Thailand is estimated to be 750 baht per month.
During the raids, authorities seized numerous mining rigs and other equipment used for cryptocurrency mining. The investigation is ongoing to identify and apprehend all individuals involved in this illegal operation. The perpetrators behind this scheme not only engaged in criminal activity by stealing electricity but also caused substantial financial harm to the power utility.
This incident sheds light on the growing concerns surrounding the environmental impact and illegal activities associated with bitcoin mining. As the popularity of cryptocurrencies continues to rise, regulatory bodies and law enforcement agencies are faced with the challenge of addressing such unlawful practices. It is crucial for authorities to remain vigilant and take swift action against those who seek to exploit the system for personal gain.
In addition to the immediate impact on the electricity provider, unauthorized bitcoin mining operations can also pose risks to the stability of the power grid and contribute to increased energy consumption. By cracking down on such activities and imposing stricter regulations, authorities aim to safeguard both the integrity of the cryptocurrency market and the interests of legitimate stakeholders.
