Thai authorities bust Bitcoin mining rigs, charges two over $280k theft: report

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As a seasoned analyst with a decade of experience in following the global crypto landscape, I find myself both intrigued and concerned by Thailand’s recent developments in the world of Bitcoin mining. On one hand, it’s impressive to see a country like Thailand, known for its beautiful beaches and vibrant culture, emerging as a significant player in the crypto sphere. The fact that Binance, one of the largest cryptocurrency exchanges globally, recognizes Thailand as one of its top 20 markets is a testament to this.

Thailand charges two for stealing over $280,000 in electricity for illegal Bitcoin mining.

Thai officials have taken action against unauthorized Bitcoin mining activities, closing down nine illegal facilities and detaining two individuals accused of stealing electricity worth more than 280,000 US dollars, according to The Straits Times’ report.

A recently conducted operation, set in Surat Thani province, mirrors an expanding pattern of unlawful cryptocurrency mining operations that have escalated significantly within the nation over the past few years. The probe was initiated upon a local resident’s tip-off about mysterious security cameras spotted at what appeared to be an empty residence, according to the report.

Upon examination, it was found that the premises were being covertly operated as an unauthorized Bitcoin mining operation. The Central Investigation Bureau and the Provincial Electricity Authority, along with other authorities, conducted a raid at the location. They found tampered electricity meters, which had been manipulated to circumvent legal energy usage, resulting in the theft of hundreds of thousands of dollars’ worth of electricity. A deeper probe subsequently revealed additional seven such activities within the province.

Thailand becomes ‘hot thing’ for crypto

In Thailand, Bitcoin miners fall under the category of manufacturers and are required to pay taxes. Yet, illegal mining persists as a recurring problem, with numerous raids occurring across the country throughout 2024 according to local news outlets. Nevertheless, the area still draws crypto businesses, indicating a growing desire to set up operations there.

In November’s early days, Binance‘s Chief Marketing Officer, Rachel Conlan, pointed out Thailand as one of the exchange’s top 20 markets worldwide. The local cryptocurrency adoption is estimated to be around 12%, which is twice the global average of 6%. She praised Thailand for its innovative approach towards cryptocurrencies and its dedication to creating a suitable regulatory structure.

In August, Thai financial authorities introduced a Digital Asset Testing Environment (also known as a Regulatory Sandbox) to stimulate the use of cryptocurrencies within Thailand. This initiative, which followed a public hearing in May, enables participants to experiment with crypto-related services under relaxed regulations, thereby fostering the growth of Thailand’s digital asset market.

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2024-11-13 13:46