The Royal Thai Police’s Crime Suppression Division (CSD), in collaboration with the Provincial Electricity Authority (PEA), confiscated 996 Bitcoin
The operation took place on January 8 in Chon Buri’s Phanat Nikhom district, as confirmed by the CSD Commander Pol Maj Gen Montree Theskhan.
Reports indicate that the company behind the mining operation, JIT Co, used altered power meters to conceal its electricity consumption during the night while maintaining normal readings during the day.
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This tactic was intended to avoid drawing attention. However, investigators estimate the stolen electricity could be valued at hundreds of millions of Thai baht, with a minimum of 100 million Thai baht, or approximately $2.88 million.
Mining Bitcoin in Thailand can be costly, with reports suggesting that the most efficient setups require around 620,000 Thai baht, equivalent to $17,930, to mine a single Bitcoin.
While the company is registered for digital asset trading, the unauthorized use of electricity has led to suspicions about its operations. Solar panels were found on the premises but were not connected to the mining machines.
The CSD is working to identify those involved in the illegal activity and plans to request arrest warrants. No individuals or entities have been formally named as suspects yet.
Meanwhile, Finnish police recently seized a collection of luxury watches from Richard Schueler, the founder of the cryptocurrency HEX. How much was the collection worth? Read the full story.
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