1. Details of the Bitcoin Mine Raid
2. Controlling Illegal Mining in Southeast Asia
3. Struggles of Bitcoin Miners Post-Halving

Thailand’s authorities raided a house suspected to be a Bitcoin mine in Ratchaburi town, west of Bangkok after residents complained of incessant power outages.

Details of the Bitcoin Mine Raid

According to a report, Jamnong Chanwong, a chief district security officer, stated that Bitcoin mining rigs were among the tools discovered. However, the occupants should have paid the full electricity tariff for their power usage while operating the mine. Residents started noticing severe power outages in July, which indicates when the illegal mining commenced full operations. Upon their first arrival at the house to investigate, a security guard on the ground prevented the authorities from gaining access. When the police and officials of the Provincial Electricity Authorities returned with a warrant, the occupants moved some equipment out. Thai authorities insist that the occupants paid an insignificant amount in electricity fees compared to the huge power consumption by the house occupants.

Controlling Illegal Mining in Southeast Asia

In recent times, Bitcoin miners have flocked to Southeast Asian countries due to their low electricity costs, skilled manpower, and established infrastructure. The attraction to such countries grew after China banned all crypto-mining activities in 2021. However, some miners have decided to steal energy by not paying full power fees for electricity consumed. In a major raid on power theft linked to Bitcoin mining, Malaysian authorities crushed 985 Bitcoin mining machines worth approximately $452,500 or 1.98 million Malaysian ringgits. The destruction of the machines followed a court order to prevent the reuse of the equipment as the country moves to combat energy theft.

Struggles of Bitcoin Miners Post-Halving

Energy experts say that following the April Bitcoin halving event, miners have struggled with reduced revenues and have had to adapt. However, they maintain that Bitcoin miners need not engage in energy theft but seek sustainable ways of conducting their operations. In a recent evaluation of the crypto mining sector, Bernstein, a research and brokerage firm, indicated that some companies can surpass market expectations and deliver returns for investors.

Thai authorities continue to combat illegal cryptocurrency mining and other forms of energy theft to ensure the stability of the energy system and protect the interests of citizens.