Authorities in Chon Buri province have confiscated 996 bitcoin mining devices in a raid on a company accused of stealing substantial amounts of electricity to power the energy-intensive rigs.

According to a report from the Bangkok Post, the operation was conducted on Wednesday at JIT Co., a firm located in Tambon Na Wang Hin of Phanat Nikhom district. The company, reportedly registered for digital asset trading, allegedly tampered with power meters to siphon off electricity for its cryptocurrency mining operations.

Pol Maj Gen Montree Theskhan, commander of the Crime Suppression Division, revealed that although solar panels were installed on the premises, they were not connected to the mining devices. Investigations estimate the electricity providers’ losses at hundreds of millions of baht due to unauthorized power usage.

Cryptocurrency mining demands significant electricity to sustain the high computational power required for solving complex mathematical problems. 

Studies from the United States in 2023 highlighted that even the most efficient setups consume approximately 155,000 kilowatt hours (kWh) to mine a single bitcoin. At Thailand's average electricity tariff of 4 baht per kWh, this equates to around 620,000 baht in costs—an amount that dwarfs the typical household electricity bill, estimated at 750 baht per month.

The raid underscores the growing concern about illegal electricity use in the crypto mining industry, which has seen rapid growth globally. It was reported that the seized equipment represents a significant blow to JIT Co.’s operations and a warning to other companies involved in similar activities.