Reports say Thai authorities confiscate over 1,000 Bitcoin mining devices for energy theft

According to the Bangkok Post, Thai police have detained 996 Bitcoin miners from a business in the eastern region of Chon Buri.

Authorities in Thailand have confiscated 996 Bitcoin BTC +0.12%. According to The Nation, one unnamed employee told authorities that they stole energy at night and used the power meter normally during the day to evade discovery.

The CSD has confirmed that it intends to request court warrants for the arrest of the persons responsible for the operation and is now conducting an investigation into them.

An essential component of the network’s proof-of-work consensus method is bitcoin mining. To be eligible to verify transactions and add them to the blockchain, miners must compete to solve challenging cryptographic riddles for each block, which demands a significant amount of processing power. They get transaction fees and block subsidy awards in exchange, which encourages operations. This procedure guarantees Bitcoin’s continued security, decentralization, and resistance to tampering miners during a raid on a business accused of energy theft in the country’s east.

According to the Bangkok Post, mining and associated equipment were seized during a search on JIT Co.’s location in Chon Buri’s Phanat Nikhom district on Wednesday. Despite being registered to trade digital assets, the company’s power usage habits raised concerns, according to Pol Maj Gen Montree Theskhan, chief of the Thai police Crime Suppression Division.

According to another local site, The Nation, the raid was a part of a combined investigation by the CSD and the Provincial electrical Authority after it was discovered that the company had reportedly tampered with its power meter to mine bitcoin while avoiding paying electrical bills related with the activity.

Although the precise figure has not yet been established, PEA authorities believed that the operation had unlawfully used power worth hundreds of millions of baht (millions of USD).

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