Authorities in Thailand recently conducted a significant operation resulting in the seizure of 996 Bitcoin mining machines linked to a local company accused of illicitly channeling electricity to power its operations. The confiscation unfolded at the JIT Co facility located in Phanat Nikhom, Chon Buri, on January 8, 2023. Reports indicate that the company may have engaged in theft of electricity worth hundreds of millions of baht, with the lower estimate putting losses at around 100 million baht, equivalent to approximately $2.88 million at current exchange rates.
Investigations revealed that the JIT Co operators, while officially registered for digital asset trading, reportedly modified power meters to utilize electricity during nighttime hours without detection. The meters were reportedly operated correctly during the day to avoid raising suspicions. This tactical evasion has drawn attention from law enforcement, and although specific individuals or the company responsible have not yet been publicly disclosed, authorities are in the process of obtaining court warrants for potential arrests.
The Provincial Electricity Authority played a crucial role in assisting police in the operation, further showcasing the collaboration between financial regulators and law enforcement in combating illegal activities within the cryptocurrency sector. Notably, while solar panels were installed at the JIT Co site, they were not connected to the mining equipment, raising questions about the company’s energy consumption tactics.
The escalating issue of illegal crypto mining has been prevalent in the region, with Malaysia reporting substantial electricity losses linked to similar operations, totaling about $723 million from 2018 to 2023. The situation in Malaysia has also seen officials seizing and in some instances destroying illegal crypto mining equipment. Meanwhile, Thailand is exploring the integration of cryptocurrency payments in popular tourist areas, a move prompted by calls from former political leadership to enhance the nation’s competitive stance in the evolving global financial landscape.
