QUICK BITE
- Thai authorities raid illegal Bitcoin mining operation linked to power outages in Ratchaburi, west of Bangkok.
- Miners fled before raid; no arrests made. Operation consumed large amounts of electricity while paying minimal fees.
- Illegal Bitcoin mining on the rise in Southeast Asia, attracted by low-cost electricity and infrastructure.
Thai authorities raided an illegal Bitcoin mining operation in Ratchaburi, west of Bangkok, following complaints of power outages.
The raid, conducted by local police and the Provincial Electricity Authority (PEA), uncovered several mining rigs consuming large amounts of electricity with minimal fees paid. Residents reported frequent blackouts since mid-July, coinciding with the mine’s full operation.
The house, rented by a company for four months, was abandoned by the operators, who fled before the raid. No arrests were made.
Bitcoin mining is a highly power-intensive process, consuming an estimated 148.46 terawatt-hours (TWh) of electricity annually, according to the Cambridge Bitcoin Electricity Consumption Index.
To cover these substantial energy costs, miners periodically sell off their Bitcoin holdings. However, since the most recent halving in April, which reduced the rewards for adding new blocks to the network by 50%, their revenue has been significantly impacted.
Illegal Bitcoin mining has been increasingly prevalent in recent years. Southeast Asian countries, especially, have emerged as popular destinations for bitcoin miners, attracted by low-cost electricity, skilled labor, and established infrastructure, especially after China banned all crypto mining operations in 2021.
Last week, Malaysian authorities destroyed 985 Bitcoin mining machines valued at approximately 1.98 million Malaysian ringgits ($452,500) as part of the country’s ongoing crackdown on power thefts associated with Bitcoin mining. Earlier this month, police in Malaysia’s Sepang district arrested seven individuals accused of operating Bitcoin mines using stolen electricity.
