Thai authorities bust illegal Bitcoin mining rigs, charge two over $280k theft: report

Thailand is accusing two men of stealing more than $280,000 in electricity for illegal Bitcoin mining.

Thai authorities have cracked down on illegal Bitcoin (BTC) mining operations, shutting down nine illegal sites and arresting two suspects on charges of electricity theft worth 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 in the country in recent years. The investigation was triggered when a local resident reported that suspicious CCTV cameras had been installed in an apparently empty house, the report states.

Upon inspection, authorities discovered that the property was being used as an illegal Bitcoin mining facility. Authorities, including the Central Bureau of Investigation and the Provincial Electricity Authority, raided the area, uncovering tampered electricity meters used to circumvent legal power consumption and stealing hundreds of thousands of dollars worth of electricity. Further investigation led to the identification of eight more similar operations in the state.

Thailand has become the ‘hot thing’ for crypto

In Thailand, Bitcoin miners are classified as producers and are subject to tax. However, multiple raids have been carried out throughout 2024 and illegal mining remains a persistent problem, local news media reported. Despite this, the region continues to attract crypto businesses, signaling growing interest in setting up operations here.

In early November, Binance chief marketing officer Rachel Conlan highlighted that Thailand was one of the exchange’s top 20 markets globally, with local crypto penetration estimated at 12%, double the global average of 6%. He praised the country for its “pioneering approach to crypto” and its efforts to create a regulatory framework “in the right way.”

In August, Thai financial regulators also launched a Digital Asset Regulatory Sandbox to encourage cryptocurrency 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.