10 January 2025 , 10:05
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Thai authorities expose digital asset trading firm JIT Co. for bypassing millions in power costs with altered meters.
Thai authorities confiscated 996 Bitcoin (BTC) mining rigs in Chon Buri province, accusing operators of illegally siphoning electricity to power the energy-intensive machines.
The raid, conducted on Jan. 8 in the Phanat Nikhom district, highlights growing concerns about the misuse of public utilities for crypto mining operations. Thai authorities previously conducted several raids on properties consuming an unusually large amount of electricity.
Police and officials from the Crime Suppression Division targeted JIT Co., a firm registered for digital asset trading, after uncovering evidence of tampered power meters used to evade electricity charges.
Crime Suppression Division Commander Montree Theskhan, who led the operation, said the modified meters allowed the company to bypass substantial electricity costs, incurring losses estimated in the hundreds of millions of baht for local providers.
Despite the presence of solar panels on the property, investigators noted they were not connected to the mining equipment, which requires immense computing power to validate crypto transactions.
An official told reporters:
This kind of theft not only costs the economy millions but also strains the electricity supply.”
Authorities noted that the typical monthly household electricity bill in Thailand is roughly 750 baht, contrasting sharply with the industrial-scale consumption of the seized rigs.
Bitcoin mining is known for its heavy energy consumption. According to studies, mining a single Bitcoin in 2023 required approximately 155,000 kilowatt hours (kWh) of electricity, even with highly efficient setups.
In Thailand, where electricity costs average 4 baht per kWh, mining one bitcoin would amount to 620,000 baht — far beyond the average household’s monthly electricity bill of 750 baht.
The operation highlights ongoing challenges for regulators as crypto mining operations grow globally. Thailand’s government maintains a cautious stance on digital asset activities, and officials stressed the importance of safeguarding public resources against exploitation.
Investigations are continuing to assess the full scope of damages and identify additional parties involved in the scheme.