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70+ computers thought to be used for digital coin mining seized


webfact

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Officials from the Metropolitan Electricity Authority (MEA) and the Metropolitan Police seized more than 70 computers in raids on two shop-houses in Bangkok’s Lat Phrao and Bueng Kum areas. It is thought that the equipment was being used to mine cryptocurrency coins.

 

MEA officials detected excessive use of electricity at a three-storey shop-house in Soi Prasert-Manukitch in the Bueng Kum area and at a another location in Lat Phrao Soi 128/3, despite the fact that the two premises did not have official access to an electricity supply.

 

Inspectors were sent to investigate and found that electrical wires from the two houses were directly connected to the main electrical cables, without going through meters.

 

Full story: https://www.thaipbsworld.com/70-computers-thought-to-be-used-for-digital-coin-mining-seized/

 

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-- © Copyright Thai PBS 2023-01-23
 

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3 hours ago, webfact said:

MEA officials detected excessive use of electricity at a three-storey shop-house in Soi Prasert-Manukitch in the Bueng Kum area and at a another location in Lat Phrao Soi 128/3, despite the fact that the two premises did not have official access to an electricity supply.

 

Inspectors were sent to investigate and found that electrical wires from the two houses were directly connected to the main electrical cables, without going through meters

Tut tut.. 

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40 minutes ago, dpcjsr said:

If mining coins is so very profitable why take the risk of stealing electricity? 

If you ran the consumption through a meter you would be up for tens of thousands baht a month. The end result would be the same....You would get nobbled!

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It don't seems like mining is such a great business anymore, since many seems not to be able to pay for their electricity; this is not the first news-story about that. Wonder what happens to the currency when all coins are mined or it's a loss to mine any new...:whistling:

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3 hours ago, wombat said:

Curious asks....

Is it illegal to mine for bitcoin on LOS?

Not illegal to mine at home, as long as you pay the electricity. They were mining from stolen electricity. 

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6 hours ago, Maejo Man said:
6 hours ago, dpcjsr said:

If mining coins is so very profitable why take the risk of stealing electricity? 

If you ran the consumption through a meter you would be up for tens of thousands baht a month. The end result would be the same....You would get nobbled!

"Nobbled"...why?  Is mining for crypto using metered electricity illegal now?

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3 hours ago, Boomer6969 said:
17 hours ago, Liverpool Lou said:

Pretty sure, in fact I know, it isn't.

Farang beware, it is considered as work.

Irrelevant, but, mining crypto is not illegal.   

 

Who, apart from you, said that mining is classified as "work" and that, presumably you're saying, it needs a work permit?

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On 1/22/2023 at 10:12 PM, nglodnig said:

Never been a fan of this crypto stuff, and have watched smugly as the price collapses. Too much of it seems to have been used by criminals, a big no-no in itself (and a good reason to regulate if not ban it, money laundering is illegal) , and then there are the horror stories of people losing their hard drive where the file was stored, thus losing everything....

 

But the methodolgy always struck as me as wrong. First, it requires so much computing power to generate the coins (as we see in this article), but apparently only a certain number per hour can be TRADED  (I've never looked at the details, but compared to currency exchange which is millions per hour this makes it nonsense)  - and last, apparently there is a finite number of coins that CAN be generated!

 

Fairy gold. 

Only a fool would keep their coins on a server that they don’t control. Put your coins into an offline personal wallet for which only you know the security key code. 

 

Having said that, only a fool buys hundreds of computer chips and the rest of the infrastructure to mine coin. 
 

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