Bitcoin

Security

Thai authorities have successfully raided an illegal Bitcoin mining operation in Ratchaburi, following a surge in resident complaints about frequent power outages. The raid, which took place on August 23, revealed that the mining operation had been consuming <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/" rel="noopener noreferrer nofollow">electricity</a> without fully paying for it, contributing to significant disruptions in the local power supply, according to <a href="https://news.bitcoin.com/thai-authorities-raid-illegal-bitcoin-mine-after-power-outages-spark-resident-complaints/" rel="noopener noreferrer nofollow">Bitcoin.com</a>.
Officials from the Provincial Electricity Authorities (PEA), accompanied by Thai police, discovered the <a href="https://ultramining.com/news/en/borneo-police-crack-down-on-illegal-crypto-mining-operation/" rel="noopener noreferrer nofollow">illicit mining</a> setup after an initial attempt to raid the premises was thwarted by a guard. This time, armed with a search warrant, authorities managed to enter the house, though much of the equipment had been removed before their arrival. The operation in Ratchaburi marks the fourth raid of its kind in Thailand this year, underscoring the ongoing challenges the country faces in regulating illegal cryptocurrency activities.
Chief District Security Officer Jamnong Chanwong stated that the seized devices confirmed the occupants were engaged in Bitcoin mining. "We found Bitcoin mining rigs, pointing to people using this house to operate a mine and using power they didn’t fully pay for," Chanwong said. Despite the raid, no arrests were made, and the <a href="https://ultramining.com/news/en/large-scale-cryptocurrency-mining-farm-uncovered-in-dagestans-kizilyurtovsky-district/" rel="noopener noreferrer nofollow">investigation</a> continues as authorities aim to curb <a href="https://ultramining.com/news/en/abkhazia-intensifies-crackdown-on-illegal-crypto-mining/" rel="noopener noreferrer nofollow">illegal mining</a> operations that have been linked to rising electricity costs for legitimate consumers.
Thailand has been grappling with a growing number of illegal Bitcoin mining operations, which have caused power prices to spike and strained the country’s electrical infrastructure. <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/" rel="noopener noreferrer nofollow">Bitcoin miners</a> in Thailand are classified as manufacturers and are required to pay taxes accordingly. However, many operate underground to avoid these costs, leading to increased pressure on the government to enforce stricter regulations and crack down on illegal activities.
As the country seeks to address these issues, the government is considering imposing a specific digital asset tax on Bitcoin miners. Despite these efforts, the persistence of illegal mining operations like the one in Ratchaburi highlights the complexity of the challenge. The latest raid serves as a reminder of the ongoing struggle to balance technological advancement with regulatory oversight, particularly in regions where the rise of digital currencies has outpaced the development of effective governance frameworks.

Thailand Shuts Down Illegal Bitcoin Mine Causing Power Outages

Ultramining_Eng

Other articles published on Aug 26, 2024

BNB Chain’s Launches 4YA Ecosystem Celebration: $300K+ Reward Pool and Exclusive NFTs

MoonBag Presale Steals Spotlight Amidst MemeLife’s Innovation & Mega Dice’s $1.7M ICO

Toncoin Price Faces Major Plunge! TON Price To Hit $5?

DOGS Price Skyrockets 120% On Binance Amid High On-chain Activity

$4B DOGE Could Be Rescued if Dogecoin Price Hits $0.12, What are the Odds?

Breaking: Semler Scientific Buys More Bitcoin Amid Soaring BTC Adoption

Join our free newsletter for daily crypto updates!