Bitcoin mining, although essential for the functioning of the network, is also an energy-intensive activity that sparks intense debate. Some miners, in their quest for profitability, cross the red line, as evidenced by a recent case in Thailand.
- Thai police seized 996 Bitcoin mining machines, exposing electricity theft scandal by JIT Co.
- The case reflects growing tensions between Bitcoin mining and global energy and environmental concerns.
Thai police seize 996 Bitcoin mining machines
Thai police carried out an operation on the company’s premises JIT Co.based in Chon Buri province. In collaboration with the Provincial Electricity Authority (PEA)the authorities seized 996 mining machines and various equipment used to mine Bitcoin.
According to investigators, JIT Co. allegedly manipulated his electric meters to illegally exploit the electricity necessary for its mining operations. The company is therefore accused of having clandestinely consumed hundreds of millions of bahtthe equivalent of several million dollars.
An unidentified employee said the electricity theft mainly took place at nightwhile the meter operated normally during the day to avoid raising suspicion. Authorities are still investigating those responsible for the fraud and plan to issue arrest warrants soon.
Bitcoin mining: an energy and environmental issue
Bitcoin mining relies on protocol Proof of Work (PoW)an energy-intensive method where miners use powerful machines to solve mathematical problems. While this technology guarantees the security and decentralization of the network, it also raises environmental concerns. It will not be a question here of entering into the debate. Many countries are turning their backs on mining, we can think of China which banned mining in 2021 or even Iran.
Some, on the contrary, extend their arms to him. This is the case of El Salvador. Russia allows crypto mining although it prohibits it in certain regions that face many energy challenges.
As regulators around the world intensify their efforts to regulate mining, this case serves as a reminder that abuse no longer goes unnoticed. The future of mining will depend on its ability to find a balance between profitability, transparency and sustainability. To be continued.
From a simple reader in 2017 to editor-in-chief since September 2023, I now combine writing with my knowledge through my articles for Le Journal du Coin. My only goal is to inform you about the universe of tomorrow: that of the blockchain, cryptocurrencies, NFTs and the metaverse. Convinced that Bitcoin is a revolution, I intend to participate in the popularization of our ecosystem.
