webfact Posted January 22, 2023 Share Posted January 22, 2023 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/ -- © Copyright Thai PBS 2023-01-23 - Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here. Monthly car subscription with first-class insurance, 24x7 assistance and more in one price - click here to find out more! 1 1 Link to comment Share on other sites More sharing options...
asiasurfer Posted January 22, 2023 Share Posted January 22, 2023 Crypto whoa?? ???? 1 Link to comment Share on other sites More sharing options...
Popular Post nglodnig Posted January 22, 2023 Popular Post Share Posted January 22, 2023 (edited) 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. Edited January 22, 2023 by nglodnig 2 1 Link to comment Share on other sites More sharing options...
Popular Post Boomer6969 Posted January 22, 2023 Popular Post Share Posted January 22, 2023 52 minutes ago, nglodnig said: Fairy gold. Like most of today's financial markets. They worry me just as much as crypto as my pension depends on them. But indeed we live in strange times where wealth has become a tradable product instead of being a reward for production. 3 Link to comment Share on other sites More sharing options...
Popular Post ezzra Posted January 22, 2023 Popular Post Share Posted January 22, 2023 Amazing how they are clever enough to set up this mining operation but not enough to figure out that, in this day and age, this huge electricity consumption will not go undetected or unnoticed by the MEA engineers... 3 Link to comment Share on other sites More sharing options...
sammieuk1 Posted January 23, 2023 Share Posted January 23, 2023 Looks like there could be a deep hole in this mining operation glad its in safe hand now ???? Link to comment Share on other sites More sharing options...
hotchilli Posted January 23, 2023 Share Posted January 23, 2023 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.. Link to comment Share on other sites More sharing options...
dpcjsr Posted January 23, 2023 Share Posted January 23, 2023 If mining coins is so very profitable why take the risk of stealing electricity? 1 Link to comment Share on other sites More sharing options...
Maejo Man Posted January 23, 2023 Share Posted January 23, 2023 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! 1 Link to comment Share on other sites More sharing options...
khunPer Posted January 23, 2023 Share Posted January 23, 2023 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... Link to comment Share on other sites More sharing options...
wombat Posted January 23, 2023 Share Posted January 23, 2023 Curious asks.... Is it illegal to mine for bitcoin on LOS? 1 Link to comment Share on other sites More sharing options...
brfsa2 Posted January 23, 2023 Share Posted January 23, 2023 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. 1 Link to comment Share on other sites More sharing options...
Liverpool Lou Posted January 23, 2023 Share Posted January 23, 2023 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? 1 Link to comment Share on other sites More sharing options...
Liverpool Lou Posted January 23, 2023 Share Posted January 23, 2023 (edited) 5 hours ago, wombat said: Curious asks.... Is it illegal to mine for bitcoin on LOS? Pretty sure, in fact I know, it isn't. Edited January 23, 2023 by Liverpool Lou 1 Link to comment Share on other sites More sharing options...
Boomer6969 Posted January 23, 2023 Share Posted January 23, 2023 13 hours ago, Liverpool Lou said: Pretty sure, in fact I know, it isn't. Farang beware, it is considered as work. 1 Link to comment Share on other sites More sharing options...
Maejo Man Posted January 24, 2023 Share Posted January 24, 2023 15 hours ago, Liverpool Lou said: "Nobbled"...why? Is mining for crypto using metered electricity illegal now? Not that I know of. Link to comment Share on other sites More sharing options...
Liverpool Lou Posted January 24, 2023 Share Posted January 24, 2023 (edited) 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? Edited January 24, 2023 by Liverpool Lou Link to comment Share on other sites More sharing options...
Dazkkk Posted January 24, 2023 Share Posted January 24, 2023 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. Link to comment Share on other sites More sharing options...
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