PM: Illegal Bitcoin mining threatens power grid security

Prime Minister Anutin Charnvirakul today announced the seizure of more than 1,900 Bitcoin mining machines, worth about 200 million baht, during coordinated raids at seven locations in Samut Sakhon and Nakhon Pathom provinces.

Officials from the Department of Special Investigation (DSI), the Provincial Electricity Authority (PEA) and the Technological Crime Suppression Division also seized a large quantity of documents and other evidence in raids on offices and houses at the seven locations in the two central provinces.

Damage caused by the illegal crypto mining operations, through the theft of electricity supplied by the PEA, is estimated at about 280 million baht.

DSI officials said the seized evidence will help investigators track down the figures behind the transnational criminal network, as well as Thai officials who allegedly facilitated the mining operations.

Bitcoin mining requires energy-intensive equipment to operate around the clock. Because electricity is the largest operating cost, many illegal Bitcoin mining operations steal electricity by tampering with or completely bypassing PEA electricity meters.

Speaking to reporters at Government House, Prime Minister Anutin said the illegal Bitcoin mining operations pose a direct threat to the security of the electricity grid and undermine public confidence in law enforcement.

He said he has ordered the relevant authorities to dismantle the transnational criminal network and bring its masterminds and their Thai accomplices to justice.

He stressed that the government supports the lawful use of technology but will not tolerate its abuse in ways that damage public utilities or the economy.

The prime minister also instructed the Finance Ministry and the Customs Department to tighten regulations to ban the import of Bitcoin mining equipment.