Nikolas Sargeant
Thai law enforcement and electricity officials have uncovered a large-scale illegal Bitcoin mining operation in Ratchaburi, following a series of power outages that plagued the area since mid-July. The raid, conducted on August 23, revealed a house transformed into a cryptocurrency mining hub, likely responsible for the region's recent electricity woes.
Covert Crypto Operation Drains Local Power Grid
The Provincial Electricity Authority (PEA) and local police traced abnormally high power consumption to a single property, which had been rented for approximately four months. Despite the massive energy use, suspiciously low electricity payments tipped off authorities to potential power theft.
Jamnong Chanwong, chief district security officer, stated that the operators likely fled upon realizing they were under investigation. The case highlights a growing trend of illegal cryptocurrency mining in Southeast Asia, where operators exploit relatively low electricity costs to maximize profits.
Thailand Eases Crypto Regulations Amid Mining Crackdown
In a seemingly contradictory move, Thailand's Securities and Exchange Commission (SEC) has recently relaxed some restrictions on cryptocurrency investments. The SEC has lifted investment limits for retail investors on certain types of digital tokens, including those backed by real estate or infrastructure projects.
Additionally, the country's Finance Ministry has exempted cryptocurrency and digital token trading from value-added tax (VAT), effective since January 1, 2024. This tax exemption, which has no set expiration date, aims to encourage legitimate participation in the digital asset market.
