KANCHANABURI – Authorities in Kanchanaburi are cracking down on a bitcoin mining operation responsible for the theft of millions of baht in electricity across 10 locations in Tha Muang district. Investigators are pursuing leads to apprehend those behind this illicit operation.
This major crackdown began with coordinated raids on Wednesday, led by the Department of Special Investigation (DSI), in collaboration with local police and power utility officials. The inspections targeted properties with abnormal electricity consumption patterns, following a formal complaint from the Provincial Electricity Authority (PEA).
Officials discovered that the cryptocurrency miners had manipulated electricity meters, resulting in power bills between 100 to 400 baht per month while actual electricity usage exceeded 250,000 baht monthly for each site.
In 2023, studies indicated that efficient bitcoin mining operations in the U.S. could consume around 155,000 kilowatt hours (kWh) to mine one bitcoin. In Thailand, with an average power tariff of 4 baht per kWh, this amounts to approximately 620,000 baht. For comparison, the average household electricity bill in Thailand is around 750 baht per month.
As of yesterday, bitcoin was valued at 2.1 million baht, equivalent to $63,100.
Due to the theft of electricity, the PEA incurred losses exceeding 2.5 million baht, as reported by Pol Maj Yutthana Phraedam, acting director-general of the DSI. Numerous mining rigs and cryptocurrency hardware were confiscated during the raids. The investigation is ongoing as authorities work to identify and apprehend those involved in this extensive operation.
