Thailand shuts down illegal Bitcoin mine worth 70 million baht

A major illegal Bitcoin mining operation was dismantled yesterday when police and the Provincial Electricity Authority raided an abandoned ice factory in Samut Sakhon, Thailand, seizing equipment worth over 70 million baht.

A Myanmar national was found guarding the facility, which is believed to have caused the state a loss of 10 million baht per month in electricity.

At 11am on May 1, authorities, including, the Chief of the Samut Sakhon City Police, along with his deputies and investigative officers, Police Connolel Phichetphong Jangkhaikhom, executed a search warrant at the deserted factory located in the Tha Chin area of Mueang district, Samut Sakhon province.

The raid followed intelligence that led to the discovery of a large-scale Bitcoin mining operation illegally tapping electricity.

Upon arrival, the police found one Myanmar national who appeared to be in charge of overseeing the location.

The search resulted in the confiscation of substantial evidence, including 690 Bitcoin mining units with an estimated value of approximately 69 million baht, 17 HUB machines, one electrical transformer with a capacity of 2500 kVA valued at around 1 million baht, two notebook computers, and 24 aluminium electric cables, each 30 metres long, worth roughly 500,000 baht in total.

The total value of the seized property is approximately 70 million baht.

The Samut Sakhon City Police Chief stated the illicit operation had inflicted damages estimated at 10 million baht per month, according to the Provincial Electricity Authority’s assessment. Prior damages are currently under investigation.

In the initial response, the police seized all evidence and detained the Myanmar national for further investigation to pursue the real owner and proceed with legal action. The crackdown highlights the ongoing efforts by Thai authorities to curb illegal cryptocurrency mining operations, which pose a significant financial burden and risk to the state’s resources, reported Khaosod.

In related news, the crypto market dips as investors await the Federal Reserve meeting, A slump in the crypto market was witnessed today, with Bitcoin and other smaller tokens such as Ether, BNB, and XRP experiencing a drop in value.

Speculators tread cautiously in anticipation of the Federal Reserve meeting this week, which could potentially suggest extended periods of increased interest rates.