Thailand’s Provincial Electricity Authority (PEA) has closed a Bitcoin mining operation for illegally tampering with power meters to steal electricity worth hundreds of millions of baht.
Collaborating with the Crime Suppression Division, the PEA raided a Phanat Nikhom, Chonburi facility, seizing 996 Bitcoin mining rigs.
Authorities found that the operators had manipulated their electricity meters to draw power for mining operations without paying, resulting in significant losses amounting to millions of baht for Thailand’s state electricity provider. The individuals behind the operation have not been identified yet, and the Crime Suppression Division is currently working to secure arrest warrants from the court.
The operation was strategically carried out to avoid detection, with the theft occurring solely at night. An anonymous staff member revealed that the power meter appeared to function normally during the day, preventing suspicion.
This isn’t the first time the PEA has targeted Bitcoin mining operations. In August 2024, authorities shut down a similar operation in Ratchaburi, a town west of Bangkok, where unregistered miners were found illegally drawing power from the local grid. This caused frequent blackouts and led to higher electricity costs for residents. More recently, two individuals from Surat Thani province were charged with stealing over $280,000 worth of electricity to power their mining rigs in an abandoned property.
Meanwhile, Thailand is fast becoming a key focus for Binance, with the company’s Chief Marketing Officer, Rachel Conlan, highlighting the country as one of its top 20 global markets. With a crypto adoption rate of 12%, double the global average, Thailand’s efforts to establish clear regulations are essential for the industry’s growth. Conlan credited Binance’s recent growth of 60 million users to rising institutional interest and favourable developments like ETF approvals. The exchange aims to reach a 20% global adoption rate in the next three years, with 240 million users worldwide.
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