As a seasoned researcher who has spent years delving into the complex world of cryptocurrencies and their implications, I find myself continually fascinated by the dynamic interplay between technological innovation and human behavior, particularly when it comes to the shadowy realm of illegal Bitcoin mining.
In response to persistent power cuts in a local town over the past few weeks, Thai authorities conducted a raid last Sunday in the western province of Ratchaburi, which is near Bangkok. The target of their operation was an unauthorized Bitcoin mining facility. This action followed numerous complaints about electrical disturbances in the area.
According to AFP reports, an early morning operation was jointly carried out by the Provincial Electricity Authorities and local police. A district security chief named Jamnong Chanwong stated that power outages were reported in mid-July, which coincided with a Bitcoin mining operation running at full capacity. It was later discovered that this activity demanded enormous energy consumption, while the related costs were minimal. However, no one was arrested during the raid as part of this investigation.
Bitcoin Mining Surges in Southeast Asia After China Ban
Mining of Bitcoin in the Southeast Asia region is rapidly growing since it has cheap power, labor, and infrastructure. This trend was particularly amplified after China, one of the largest mining provinces, announced the banning of all cryptocurrency mining in 2021. As a result, countries such as Thailand have emerged as attractive venues for performing these actions, even if it is unlawful.
In this part of the world, such incidents are not unusual. Last week, Malaysian authorities seized 985 Bitcoin mining machines, valued at approximately $452,500, and chose to destroy them as part of their efforts to curb illegal activities related to Bitcoin mining. These devices were taken during operations targeting power thefts associated with cryptocurrency mining. In early August, seven individuals suspected of engaging in unlawful Bitcoin mining in the Sepang district of Malaysia were apprehended by police for allegedly stealing electricity.
The surge in unauthorized and clandestine Bitcoin mining across Southeast Asia is straining the regional power grid. These activities, which can lead to blackouts and increase stress on substations and transformers, have become a growing concern due to their potential to disrupt power supply. As cryptocurrency usage expands, the challenge of managing and controlling such use, as well as addressing its impact on resources and ensuring legality among miners, becomes an increasingly complex issue for governments in the region.
Read More
- CKB PREDICTION. CKB cryptocurrency
- PBX PREDICTION. PBX cryptocurrency
- BSW PREDICTION. BSW cryptocurrency
- EUR INR PREDICTION
- GEAR PREDICTION. GEAR cryptocurrency
- ICP PREDICTION. ICP cryptocurrency
- TANK PREDICTION. TANK cryptocurrency
- Exploring the Hilarious World of Helldivers’ Ricochet Gameplay
- ‘Starting 5’: LeBron James, Jayson Tatum and Jimmy Butler Among NBA Players Featured in Obamas-Produced Sports Series
- IMX PREDICTION. IMX cryptocurrency
2024-08-26 16:31