In Southeast Asia, the problem of illegal Bitcoin mining has been on the rise, with operators taking advantage of the region’s relatively low electricity costs. This issue recently surfaced in Thailand, where authorities conducted a raid on an illegal Bitcoin mining operation located in Ratchaburi, a town situated to the west of Bangkok. This raid was initiated in response to numerous complaints from local residents who had been experiencing frequent and unexplained power outages.
Bitcoin Mining Operation Linked to Power Outages in Ratchaburi
According to a reports, the raid took place on August 23 and brought to light that the unauthorized mining activities were likely responsible for the blackouts that had troubled the area for over a month. The investigation into these disturbances began after residents started reporting mysterious power failures, which they had first noticed in mid-July.
The persistent power disruptions triggered concerns within the Provincial Electricity Authority (PEA), which then collaborated with local police to identify the source of the excessive power consumption. Their efforts led them to a single house that was drawing an unusually high amount of electricity. Upon further inspection, it was revealed that this house was being utilized as a base for Bitcoin mining operations.
Jamnong Chanwong, the chief district security officer, noted that while the electricity consumption at the property was abnormally high, the payments made for the electricity were suspiciously low. This discrepancy suggested that the operators were likely stealing power to sustain their mining activities. It was discovered that the mining equipment had been installed by a company that had rented the house for about four months. The timeline of significant power outages coincided with the period when the mining operation likely became fully operational.
Despite the raid, no arrests were made, as authorities believe the operators fled after realizing that their activities had attracted the attention of law enforcement. The investigation is still ongoing.
Rising Concerns Over Electricity Theft in Southeast Asia’s Cryptocurrency Mining Industry
The problem of illegal Bitcoin mining is not confined to Thailand but has become increasingly prevalent across Southeast Asia. Operators in the region exploit the low electricity costs to avoid the high energy expenses typically associated with cryptocurrency mining. For instance, in Malaysia, illegal mining operations have stolen an estimated $723 million worth of electricity between 2018 and 2023. In response, Malaysian authorities have resorted to drastic measures, such as destroying over $1.2 million worth of Bitcoin mining rigs that were confiscated for illegal operations.
While Thailand has generally taken a more welcoming approach towards cryptocurrency activities compared to some of its neighboring countries, this incident underscores the difficulties in regulating a rapidly evolving and technically complex industry. Although the Thai government has introduced a series of regulations aimed at safeguarding investors and ensuring financial stability, the surge in illegal mining operations points to the need for more stringent enforcement and oversight.
Contrasting the illegal activities uncovered in Ratchaburi, Thailand’s financial authorities have recently moved towards a more crypto-friendly regulatory environment. In January, the Thai Securities and Exchange Commission lifted restrictions on retail investors, permitting them to purchase digital tokens backed by real estate or infrastructure projects.
NEW: 🇹🇭 Thai authorities uncovers unauthorized #Bitcoin ⛏️ mining operation in Ratchaburi, Bangkok.
Residents have been complaining about power outages for a month. pic.twitter.com/Camui8Qp2f
— Bitcoin News (@BitcoinNewsCom) August 26, 2024
Shiba Shootout: A Revolutionary Meme Coin in the P2E Space
Shiba Shootout (SHIBASHOOT) has quickly become a noteworthy meme coin project, gaining significant attention since its introduction to the market. The project is set in a Wild West-inspired world, where characters like Marshal Shiba and the Shiba Sharpshooters lead the charge. Marshal Shiba, who acts as the community leader, rallies supporters of Shiba Inu for engaging meme battles, friendly banter, and creative meme competitions in a lively digital settlement called Shiba Gulch.
Combining two of the most popular trends in the cryptocurrency world—Play-to-Earn (P2E) and meme culture—Shiba Shootout offers an immersive experience tailored for crypto enthusiasts. The project’s P2E game is set to launch on both the App Store and Google Play Store within the next few days, according to the official website. This game promises action-packed entertainment, where participants can engage in duels of creativity and wit, all flavored with a touch of cowboy charm.
One of the features that have increased Shiba Shootout’s market appeal is its innovative cactus staking program. This program enables early adopters to compound their gains by staking their $SHIBASHOOT tokens. At the time of writing, participants in the staking program can earn an annual percentage yield (APY) exceeding 2000%. Additionally, investors have the opportunity to increase their rewards by inviting friends and family to join the Shiba Shootout community.
To further enhance its commitment to maintaining a vibrant community, Shiba Shootout has introduced the “Lucky Lasso Lottery” program. This innovative reward system allows participants to purchase lottery tickets using $SHIBASHOOT tokens, with the chance to win substantial cryptocurrency prizes. Beyond the entertainment and rewards, SHIBASHOOT tokens also serve a governance role within the project, giving holders the ability to influence the future direction and success of the initiative.
Currently, SHIBASHOOT is available for purchase at the low price of $0.0194 during its ongoing presale stage, making it one of the most affordable cryptocurrencies with a wide range of utility options. Prospective buyers are encouraged to visit the official website to participate in the presale and become part of the Shiba Shootout community.
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