TLDR
- Thai authorities shut down illegal Bitcoin mining that stole millions of electricity
- 96 Bitcoin mining rigs seized in Chonburi district raid
- Thailand Launches Crypto Payment Pilot Program in Phuket for Tourists
- Bitcoin to baht conversion system to protect local businesses from volatility
- “Bitcoin Town” in Kalasin already has 80+ stores that accept crypto payments
Thai authorities have uncovered a major cryptocurrency mining crackdown on electricity theft, while launching new initiatives to embrace digital currency payments in the tourism sector.
The Provincial Electricity Authority (PEA), in collaboration with the Crime Suppression Division, conducted a raid in the Phanat Nikhom district of Chonburi, which resulted in the seizure of 996 Bitcoin mining rigs. The operation had stolen electricity worth hundreds of millions of baht through tampered electricity meters.
Investigators found that the mining operation used sophisticated methods to avoid detection. The perpetrators modified their electricity meters to work normally during daylight hours while stealing power at night, according to testimony from an employee involved in the investigation.
The Crime Suppression Division is now working to obtain arrest warrants for those responsible for the illegal mining. The identity of the operators is currently unknown.
Bitcoin mining requires significant computing power and electricity to solve complex mathematical problems that verify transactions and create new bitcoins. The high energy costs associated with mining often constitute the largest operating cost for mining facilities.
Crypto pilot program
In contrast to the crackdown on illegal mining, Thailand’s government has launched a groundbreaking initiative to integrate cryptocurrency payments into its tourism industry. Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced a pilot program in Phuket that will allow tourists to use Bitcoin for transactions.
The program allows foreign visitors to register their Bitcoin through Thai exchanges and complete identity verification processes. A clearinghouse system will handle the conversion of Bitcoin payments into Thai baht, protecting local businesses from cryptocurrency price fluctuations.
The pilot program works within existing legal frameworks and does not require changes to existing laws, according to officials cited in local media reports.
This initiative builds on the growing use of cryptocurrencies in Thailand, particularly in areas such as the Huay Phueng district of Kalasin, nicknamed “Bitcoin Town.” The district has emerged as a model for crypto adoption, with over 80 local businesses accepting Bitcoin payments.
These businesses span different sectors, including food vendors, market stalls and transport services. A local coffee shop in the district serves as a cryptocurrency knowledge sharing educational center.
The contrast between illegal mining and legitimate payment initiatives reflects Thailand’s broader effort to balance innovation with regulation in the cryptocurrency space.
The Phuket pilot program specifically targets international tourists and recognizes the cryptocurrency’s growing popularity among travelers. The system aims to provide seamless conversion between Bitcoin and Thai Baht for visitors’ transactions.
Local businesses participating in the program are protected against crypto market volatility through the clearinghouse system, which handles instant conversion to Thai baht upon payment.
The government’s approach shows a measured use of cryptocurrency technology, focusing on practical applications in the tourism sector while maintaining oversight of mining operations.
The timing of this development demonstrates Thailand’s dual focus on promoting legitimate use of cryptocurrency while preventing abuse of resources through illegal mining.
