Outside Source
Thailand charges two for stealing over $280,000 in electricity for illegal Bitcoin mining.
Thai authorities have cracked down on illegal Bitcoin (BTC) mining operations, shutting down nine illicit sites and arresting two suspects on charges of electricity theft, valued at over $280,000, The Straits Times has learned.
The operation, which took place in Surat Thani province, follows a growing trend of illegal crypto mining activities that have surged in the country in recent years. The investigation was triggered when a local resident reported suspicious CCTV cameras installed at a seemingly vacant house, the report reads.
Upon inspection, authorities discovered that the property was being used as an illicit Bitcoin mining facility. Authorities, including the Central Investigation Bureau and the Provincial Electricity Authority, raided the location, uncovering modified electricity meters that had been used to bypass legal power consumption, stealing hundreds of thousands of dollars worth of electricity. Further investigation led to the identification of eight more similar operations in the province.
Thailand becomes ‘hot thing’ for crypto
In Thailand, Bitcoin miners are classified as manufacturers and are subject to taxation. However, illegal mining remains a persistent issue, with multiple raids conducted throughout 2024, local news media report. Despite this, the region continues to attract crypto businesses, signaling growing interest in establishing operations there.
In early November, Binance chief marketing officer Rachel Conlan highlighted Thailand as one of the exchangeэs top 20 markets globally, with local crypto penetration estimated at 12%, double the global average of 6%. She commended the country for its “pioneering approach to crypto” and its efforts to establish a regulatory framework “in the right way.”
In August, Thai financial regulators also launched a Digital Asset Regulatory Sandbox to encourage crypto adoption in the country. The initiative, backed by a public hearing in May, allowed participants to test crypto services under flexible regulations to help develop Thailand’s digital asset market.
This article first appeared at crypto.news
