Crypto Miners Arrested For Stealing Millions in Electricity: Thai Police Crack Down

by

As a seasoned researcher who has delved into the intricacies of global energy consumption and its impact on society, I find myself both appalled and amused by this latest development in Thailand. The audacity of these individuals to engage in such large-scale electricity theft for cryptocurrency mining is staggering, especially considering the average Thai household’s humble electricity bill.

Law enforcement and electrical regulatory bodies in Thailand have initiated a wave of actions aimed at shutting down unauthorized Bitcoin mining activities, which allegedly consume excessive electricity.

Operations carried out in the provinces of Chachoengsao and Surat Thani resulted in numerous arrests and the confiscation of mining equipment valued at millions of baht.

How It Went Down

Based on a current account shared by local news outlets, operations took place during the weekend in Surat Thani province. Officials scrutinized seven business establishments and two private homes located within the Muang district.

In my analysis as an investigator, I was instrumental in the apprehension of two individuals, Nathapong and Arthit, both aged thirty years old. During our operation, authorities seized a total of 111 cryptocurrency mining machines, along with seven desktop computers, ten routers, and ten power meters that had been altered for this purpose.

The police made arrests following tips from informants about empty structures equipped with security cameras, leading them to suspect illicit activities were taking place.

As an analyst, I uncovered that I, myself, leased out commercial spaces and owned residences where clandestine activities took place.

Researchers discovered substantial financial transfers totaling over 40 million baht between January of the prior year and July, along with exceptionally low electricity bill payments, which suggested potential manipulation of the electric meters.

Electricity Theft And Large-Scale Operations Disrupted

Officials suspect that the accused individuals altered their electricity meters to lower the amount of energy usage they were officially recording. These manipulated meters played a crucial role in operating high-power consuming mining equipment while minimizing the corresponding electricity expenses.

As per authorities, the stolen electricity was estimated to be around 10 million baht ($287,191), underscoring the significant scale of the theft. During interrogation, Nathapong allegedly confessed to initiating the mining operation at the end of 2022 and using secondhand equipment for his clandestine operation.

Instead, let’s say this: Arthit, in a reported admission, claimed responsibility for altering power meters and managing the electrical grid system at the nine properties he was assigned to maintain.

The enforcement actions persisted in the Chachoengsao province, as authorities conducted searches in an abandoned warehouse located within the Sala Daeng district of Bang Nam Prieo.

109 operational cryptocurrency mining devices and another 66 yet to be installed were found. The combined worth of this hardware was roughly calculated to be around 17 million baht or approximately $488,225.

Investigators conducted a search after repeated reports of unusually large energy usage from a seemingly vacant storage facility raised concerns. Upon examination, it was discovered that the site had been illegally siphoning electricity, with the cost of this unlawful act exceeding 10 million baht over the past few months.

In Thailand, it’s worth noting that the power tariff rate is set at about 4 baht per kilowatt-hour (kWh). This means the cost for a single kWh amounts to 620,000 baht. To give you an idea, the average monthly electricity bill for a household in Thailand is roughly 750 baht.

Featured image created with DALL-E, Chart from TradingView

Read More

2024-11-13 05:11