Bitcoin

when

April

Thailand’s authorities, comprising police and electricity officers, raided a house suspected to be a Bitcoin mine in Ratchaburi town, west of Bangkok after residents complained of incessant power outages. Given the equipment found when they visited, authorities say the house served as an illegal Bitcoin mine.
<a href="https://www.scmp.com/news/asia/southeast-asia/article/3275823/thai-authorities-raid-illegal-bitcoin-mine-after-power-outages?module=perpetual_scroll_0&amp;pgtype=article" rel="noopener noreferrer nofollow">According to a report</a>, 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.
<h2 id="b-details-of-the-bitcoin-mine-raid-b">Details of the Bitcoin Mine Raid</h2>
As Chanwong explained, 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.
As of this writing, no reports of arrest have been made, and it remains unclear if the authorities were targeting the illegal Bitcoin mine operators.
<h2 id="b-controlling-illegal-mining-in-southeast-asia-b">Controlling Illegal Mining in Southeast Asia</h2>
In recent times,<a href="https://thecoinrise.com/senator-lummis-advocates-against-proposed-30-tax-on-bitcoin-miners/" rel="noopener noreferrer nofollow"> Bitcoin miners have flocked to Southeast Asian countries</a> 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.
As TheCoinRise reported, in a major raid on power theft linked to Bitcoin mining, <a href="https://thecoinrise.com/malaysia-crushes-bitcoin-mining-machines-to-combat-power-theft/" rel="noopener noreferrer nofollow">Malaysian authorities crushed 985 Bitcoin mining machines worth approximately $452,500</a> 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.
<h2 id="b-struggles-of-bitcoin-miners-post-halving-b">Struggles of Bitcoin Miners Post-Halving</h2>
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,<a href="https://thecoinrise.com/bernstein-reveals-evaluation-of-bitcoin-mining-companies/" rel="noopener noreferrer nofollow"> Bernstein,</a> a research and brokerage firm, indicated that some companies can surpass market expectations and deliver returns for investors.
The post <a href="https://thecoinrise.com/thailand-cracks-down-on-illegal-bitcoin-mine-after-power-outages/" rel="noopener noreferrer nofollow">Thailand Cracks Down on Illegal Bitcoin Mine After Power Outages</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Thailand Cracks Down on Illegal Bitcoin Mine After Power Outages

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