Illegal Bitcoin Mining Operations Busted in Thailand

[webfact]

File photo courtesy of Wiki

 

Thailand’s Technology Crime Suppression Division (TCSD) and the Provincial Electricity Authority (PEA) launched a joint operation, uncovering illegal Bitcoin mining centres in Samut Sakhon and Ratchaburi provinces on Friday. 

 

Authorities raided a vegetarian shelter in Samut Sakhon’s Ban Paew district, revealing 187 Bitcoin mining machines. The PEA noticed evidence of electricity meter manipulation, with readings showing lower power usage than the actual amount consumed. The shelter’s caretaker, Sombat Tangnava, was taken into custody.

 

In a parallel operation, officials swooped on a warehouse in Ratchaburi's Muang district. They discovered 465 Bitcoin mining machines and similarly detected meter tampering. The warehouse's caretaker, Kiatkong Tumthong, was also apprehended. 

 

Both detainees asserted that they had legally imported the Bitcoin mining machines from China. They claimed they were selling it to the public interested in cryptocurrencies, including Bitcoin, Ethereum, Tether, Binance Coin and Dogecoin. The suspects also announced that they were charging each investor 6,200 baht per month for each machine kept in their facilities and an additional 9,000 baht for electricity consumption.

 

-- 2024-04-29

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[bubblegum]

Bitcoin mining illegal ?????

[kwonitoy]

1 hour ago, bubblegum said:

Bitcoin mining illegal ?????

 

The PEA noticed evidence of electricity meter manipulation, with readings showing lower power usage than the actual amount consumed.

 

That's what's illegal

[stoner]

23 minutes ago, kwonitoy said:

 

The PEA noticed evidence of electricity meter manipulation, with readings showing lower power usage than the actual amount consumed.

 

That's what's illegal

 

So electricity theft not the actual mining as it insinuates in the flashy headline.

[OneMoreFarang]

It's always great to see these shiny golden coins.

But I still haven't seen any of those mining machines which spit out those coins.

Strange.

 

[Gottfrid]

7 hours ago, webfact said:

The suspects also announced that they were charging each investor 6,200 baht per month for each machine kept in their facilities and an additional 9,000 baht for electricity consumption.

Per month, per machine???? That sounds like a really bad investment.

[Emdog]

7 hours ago, bubblegum said:

Bitcoin mining illegal ?????

Should be. The vast quantities of power used to produce essentially nothing is staggering

[John Drake]

8 hours ago, webfact said:

Authorities raided a vegetarian shelter

 

What's a vegetarian shelter? Is this some sort of place for broken down Hare Krishnas?

[Caldera]

16 hours ago, webfact said:

The PEA noticed evidence of electricity meter manipulation, with readings showing lower power usage than the actual amount consumed.

 

So the headline is nonsensical, as so often. Not the fact that they were mining bitcoin is illegal, but the fact that they were stealing electricity. 

[Misty]

1 hour ago, Caldera said:

 

So the headline is nonsensical, as so often. Not the fact that they were mining bitcoin is illegal, but the fact that they were stealing electricity. 

 

Maybe that's all it was - thievery.  But cryptocurrency is a regulated activity in Thailand - were they licensed?   Did they report their financials, pay tax, etc?  Maybe they were stealing electricity in part to hide the operation.