Bitcoin

The Thai police conducted a raid on an illicit Bitcoin (BTC) mining facility in Ratchaburi, a town located to the west of Bangkok, in response to complaints from residents about recurring power outages that had been occurring for more than a month.The raid was done due to the inhabitants&#39; nonpayment of a significant portion of the electricity they consumed. The raid uncovered bitcoin mining equipment and implicated individuals utilizing the residence for mining operations.The raid was the fourth occurrence in the Ratchaburi region, and the majority of the mining equipment had already been moved to a different location. The raid was carried out in response to locals&#39; complaints of power shortages last month, likely caused by the mining operation being in full operation.In <a href="https://optimisus.com/news/crypto-news/thailand-grantes-approval-for-its-first-bitcoin-exchange-traded-fund-etf/" rel="noopener noreferrer nofollow">Thailand</a>, Bitcoin miners are classified as manufacturers and must pay taxes related to their activities. The incidence of illegal mining activities in Southeast Asia has been on the rise, resulting in electricity thefts amounting to $723 million between 2018 and 2023, as stated in a report.The Malaysian authorities have collected and subsequently destroyed Bitcoin mining equipment valued at more than $1.2 million, which was used in unlawful operations, as part of their efforts to combat the epidemic.Thailand is enacting crypto regulations to safeguard investors and foster innovation. The <a href="https://optimisus.com/market/market-news/thailands-sec-says-no-to-bitcoin-etf-trading-while-allowing-digital-investments-through-local-exchanges/" rel="noopener noreferrer nofollow">Thailand Securities and Exchange Commission</a> has granted permission to retail investors to buy digital assets that are supported by real estate or infrastructure projects. Nevertheless, the increasing instances of illicit mining in Thailand highlight the necessity for more stringent law enforcement.

Thailand authorities raid an illegal Bitcoin (BTC) mining operation in Ratchaburi

Optimisus

Other articles published on Aug 26, 2024

Lido DAO Faces Uncertainty; Terra Classic Grows by 44%

XRP Documentary Set for Release on Amazon and Apple TV

Crypto Adoption on the Rise: Over 617 Million People Hold Cryptocurrenices

Arbitrum DAO Passes Major Proposal to Boost ARB Token With Staking

AI Tokens Surged Ahead of Nvidia Q2 2024 Earnings Report

Vitalik Buterin responds to criticism that Ethereum ‘doesn’t care’ about DeFi

Join our free newsletter for daily crypto updates!