Thai authorities shut down Bitcoin mining operation for power theft.
Thai authorities have raided a large bitcoin mining operation in Chonburi. The operation collapsed on January 9, 2025, costing hundreds of millions in financial losses.
Around 1,000 Bitcoin miners were arrested during the attack. The identity of the operators is unknown and investigations are ongoing.
Bitcoin mining requires electricity for its high-performance computers, and some miners engage in illegal activities to reduce costs. This incident is not the first in Thailand: previous illegal mining operations in 2010.
The State Electricity Authority of Thailand (PEA) is expected to increase efforts to prevent electricity theft, and the CSD continues to investigate this practice. Countries like Russia have dealt with similar issues, including a raid in 2024 that led to the arrest of hundreds of miners exploiting domestic electricity prices. Including the global issue of illegal Bitcoin mining is not limited to Thailand.
In addition, Thailand faces growing threats from crypto-related crimes, including a cross-border fraud network operating in Thailand, Cambodia and Myanmar in 2024.
However, as of November 2024, Binance Chief Marketing Officer Rachel Conlan said Thailand is one of the exchange's top 20 global markets, with crypto penetration in the country estimated at 12%, double the global average. Thailand is working to create a regulatory framework for crypto by setting up a digital asset regulatory sandbox to encourage crypto adoption.
