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A Bitcoin mining operation in Ratchaburi, Thailand, was raided by authorities following a month of unexplained power outages in the area. The raid revealed that the illegal mining setup was likely the cause of the disruptions.
Raid Reveals Bitcoin Mine in Ratchaburi
Ratchaburi is a town west of Bangkok in Thailand. After residents complained about continuous power disruptions, officials busted an illegal Bitcoin mining facility there.
The South China Morning Post reports that the raid occurred on August 23 and found evidence that the illicit mining operations were probably to blame for the month-long power outages in the region.
Mid-July Power Outages Sparked Investigation
Residents began reporting unexpected power outages in the middle of July, prompting authorities to launch an investigation.
The Provincial Electricity Authority (PEA) and the local police were able to pinpoint the cause of the power outage to one property after these disturbances caused concern.
The home turned out to be a Bitcoin mining rig, as revealed during the inspection.
Suspected Power Theft by Bitcoin Operators
The property's extraordinarily high electricity use and suspiciously low payments for that electricity were pointed up by Jamnong Chanwong, the chief district security officer, who believes that the operators may have been stealing power to power their operations.
After renting the residence for around four months, a firm installed Bitcoin mining equipment. Authorities said the major power interruptions happened around the time the mining operation was probably running at full capacity.
The raid did not result in any arrests, though, and the inquiry remains active. The operators allegedly escaped after becoming aware that their actions had caught the notice of the authorities.
An increasing number of operators in Southeast Asia are engaging in illegal Bitcoin mining, taking advantage of the region's cheap electricity to avoid paying the high energy bills linked to the arduous process of mining bitcoins.
Malaysia Loses $723 Million to Illegal Mining
According to Cointelegraph, an estimated $723 million worth of electricity in Malaysia was taken from legitimate power plants by illicit mining operations between 2018 and 2023. The government of Malaysia has responded with extreme measures, such as the confiscation and subsequent destruction of Bitcoin mining equipment valued at more than $1.2 million, which were used for illicit operations.
This instance shows how difficult it is to regulate such a dynamic and technologically complex industry, even if Thailand is often more lenient toward bitcoin activities than other regional countries.
The increase in illicit mining operations highlights the necessity for more stringent enforcement and oversight, despite the fact that the Thai government has enacted a number of legislation to safeguard investors and ensure financial stability.
Financial authorities in Thailand have lately taken a more crypto-friendly regulatory posture, in stark contrast to the illicit operations discovered in Ratchaburi.
Digital tokens backed by real estate or infrastructure projects were made available to retail investors in January after the Thai Securities and Exchange Commission removed limitations.
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