Bitcoin miners steal electricity in Kanchanaburi

Noted electricity bills at 10 sites hundreds of times lower than actual use

KANCHANABURI- Investigators are trying to track down the perpetrators behind a cryptocurrency miners activity that consumed millions of bass worth of stolen energy from 10 locations in Tha Muang area.

Officials armed with permits on Wednesday searched homes and commercial structures at 10 areas where dubious electricity consumption patterns had been detected.

The raids were led by the Department of Special Investigation ( DSI), joined by police and Provincial Electricity Authority ( PEA ) staff, following a complaint from the power utility.

Investigators say the cryptocurrency miners used electronic devices to interfere with light meters, so that each spot paid a energy costs of only 100 to 400 ringgit a month. True power use was more than 250,000 ringgit a fortnight per location.

Studies in the US showed that, in 2023, dedicated mining companies with highly efficient setups would consume about 155,000 kilowatt hours (k Wh ) of electricity to mine a single bitcoin. In Thailand, assuming a power price of 4 baht per k Wh, that works out to 620,000 baht. The typical home energy costs in Thailand has been estimated at 750 ringgit a month.

Light incidents at the 10 areas caused the Seed to experience loss of more than 2. 5 million ringgit, said Pol Maj Yutthana Phraedam, acting director-general of the DSI.

Some miners machines and other equipment for crypto mining were seized, he said. The research is continuing to get and arrest those involved.