Emily Walker
In Thailand, police and electricity officials have initiated a crackdown on illegal cryptocurrency mining operations, accused of siphoning large amounts of electricity.
Raids in the provinces of Chachoengsao and Surat Thani resulted in several arrests and the confiscation of millions of baht worth of mining equipment.
Details of the Operation
A recent report from local media indicates that the raids took place over the weekend in Surat Thani, where officials inspected seven commercial buildings and two homes in the Muang district.
The operation led to the arrest of two 30-year-old men, Nathapong and Arthit, along with the seizure of 111 mining machines, seven desktop computers, 10 routers, and 10 altered power meters.
These arrests followed tips from informants about abandoned buildings equipped with surveillance, raising suspicions of unlawful activities.
Pol Maj Gen Montri Theskhan, from the Crime Suppression Division, stated that Nathapong was renting the commercial spaces and owned the homes where the mining took place.
The investigation uncovered financial transactions exceeding 40 million baht from January of last year to July, alongside significantly low electricity bills, suggesting meter manipulation.
Disruption of Electricity Theft and Large Operations
Authorities suspect that the individuals involved had been altering electricity meters to underreport their energy usage. This tactic allowed them to power their “energy-intensive” mining rigs without accurately paying for the electricity consumed.
The stolen electricity was valued at around 10 million baht ($287,191), underlining the scale of the theft. During interrogation, Nathapong allegedly admitted to starting the mining operation in late 2022, purchasing secondhand mining machines to aid his illegal pursuits.
Arthit reportedly acknowledged his role in tampering with the power meters and managing the power supply system across the nine locations.
The authorities also carried out a raid in Chachoengsao province, where they targeted an abandoned warehouse in Bang Nam Prieo district’s Sala Daeng area.
In this location, they discovered 109 operational crypto-mining machines and an additional 66 machines ready for setup. The total estimated value of the equipment reached 17 million baht ($488,225).
This raid was prompted by unusually high power consumption reports from the otherwise unused warehouse. Officials traced the electricity theft back to this site, estimating the illicit electricity cost at over 10 million baht in recent months.
In Thailand, the standard power tariff of 4 baht per kWh translates to an expense of 620,000 baht. In contrast, the average household electricity bill hovers around 750 baht monthly.
Featured image created with DALL-E; Chart from TradingView