The main concern of Bitcoin mining operations is the cost of energy. So, when the price of Bitcoin explodes, some people do not hesitate to steal electricity to maximize returns, at the expense of risks. A losing bet for this company which had nearly 1,000 mining rigs seized.
996 Bitcoin mining rigs seized by police
This Thursday, January 9Thai police have dismantled a large clandestine mining operation operating in the Phanat Nikhom district, between Bangkok and Pattaya.
Alerted by unusual energy consumptionseveral police services went to the offices of the company JIT Co in the company of the regional electricity authority.
The company has a license for cryptocurrency trading. However, on going there, the authorities discovered a vast clandestine bitcoin mining operation. In addition, the company's electricity meter had been tampered with, allowing mining to take place without paying for electricity.
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The cost of energy is the main constraint for bitcoin and cryptocurrency mining activities. Find a cheap or even free source of energy, literally allows you to print money.
Those responsible for this clandestine operation probably thought they had found the right vein. According to the regional energy authority, the amount of stolen electricity exceeds hundreds of millions of baht, or several million dollars.
A member of this organization, on condition of anonymity, admitted during the investigation that the theft of electricity occurred during the night. The electricity meter was then restored during the day to avoid alerting the authorities.
Although the machines intended for mining were seized, investigators are still looking for the individuals at the head of the operation. They confirmed to the press that they would soon obtain search warrants to investigate further.
In all, 996 mining rigs were seized worth approximately $4 million.
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Clandestine mining on the rise in Thailand
In Thailand, mining is not actually illegal, but it is very supervised. Even though the country has canceled income tax for cryptocurrency gains, the relationship between the authorities and the crypto industry is not simple, which pushes many mining operations to go underground.
On November 13, 2 suspects were arrested by Thai police for stealing more than $280,000 in electricity by mining Bitcoin. A few days earlier, on October 9, a large mining operation was dismantled. It was spread over 10 buildings in the small town of Kanchanaburi, in the west of the country.
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Here too, the authorities had been informed by strange behavior of the electrical network. Once there, they noticed that the meters had been modified.
These facilities are common in Thailand. With the explosion in the price of Bitcoin, many people do not hesitate to go illegal to set up clandestine mining centers.
The authorities are seeking to combat cryptocurrencies in all its forms. Strict regulations on mining push the population into the arms of criminals and encourage the expansion of these clandestine operations. When will there be virtuous supervision of this industry?
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Source: Bangkok Post
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Cryptocurrency expert, Marc-Antoine began his journey in Web 3 alongside David Prinçay (current president of Binance France) in the French Cryptocurrency Club. Since then, it is by writing articles in the best-known crypto media in France that he has spread the good word. If you've read an article about crypto, there's a good chance you've read one of his articles. NFT, Blockchain, Web 3, DeFi, there is not a sector that is foreign to it. And don't ask him what the next coin to buy is: it's a maximalist Bitcoin (yes, no one is perfect).
Marc-Antoine Caen Poletti
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