reader Posted 14 hours ago Posted 14 hours ago From Pattaya News Authorities seized 996 Bitcoin mining machines in Chonburi for allegedly stealing massive amounts of electricity, causing damages worth hundreds of millions of baht. Police and electricity officials seized the mining machines from a company, publicly identified by police as JIT Co., Ltd, located in Phanat Nikhom district, Chonburi, after discovering the company was illegally using a massive amount of electricity to operate a large-scale Bitcoin mining farm. The raid took place in Na Wang Hin subdistrict on Wednesday, January 8th. Pol Maj Gen Montri Thetkhan, Commander of the Crime Suppression Division, revealed that JIT Co., Ltd. was registered as a digital asset trading business but had allegedly tampered with electricity meters to steal electricity for its mining operations. Mining Bitcoin requires substantial electricity and is highly expensive, Pol Maj Gen Montri said. https://thepattayanews.com/2025/01/09/996-bitcoin-mining-machines-seized-for-power-theft-in-chonburi/ ========================= From Khaosod English 13M Baht Lost in Two Chinese Crypto Scams Two separate cryptocurrency exchange meetings involving Chinese nationals in Bangkok’s Huai Khwang district ended in losses totaling 13 million baht on January 9. Police are investigating both cases, which occurred within hours of each other. At approximately 3:55 p.m., three suspects fled with 5 million baht ($144K) in a white Toyota Alphard after a failed crypto exchange at a parcel shop in Pracharatbamphen Soi 12. The victim, who brought cash in a black bag, reported that the suspects claimed to have transferred cryptocurrency but no funds were received. Police later tracked a mobile phone left in the stolen bag to Suan Sukkhaphap Taechiu in Yan Nawa district. In a separate incident at G Tower on Rama 9 Road, four Chinese suspects absconded with 8 million baht ($230K) during another cryptocurrency exchange attempt. Two victims reported that the suspects, working through a Chinese middleman who arranged the meeting, claimed to have transferred cryptocurrency before fleeing with the cash. Police Colonel Prasopchok Iampinitj, Superintendent of Huai Khwang Police Station, stated that while the two cases don’t appear to be connected, investigators are working to identify the suspects and prevent them from leaving the country. In the second case, police have identified the middleman who arranged the meeting as a key suspect and are determining whether they reside in Thailand. https://www.khaosodenglish.com/news/2025/01/09/bangkok-police-13m-baht-lost-in-two-chinese-crypto-scams/ khaolakguy 1 Quote
khaolakguy Posted 11 hours ago Posted 11 hours ago If anyone has an idiot’s guide to crypto currencies and what was being “mined” by the machines in the top photo it would be appreciated! I am steering well clear of it, but it would be good to have a little understanding of it……… Again in the second story people carrying ludicrous amounts of cash and suffering it’s loss. I suspect that they had been made an offer that they were too greedy or stupid to refuse! Quote
reader Posted 9 hours ago Author Posted 9 hours ago 1 hour ago, khaolakguy said: If anyone has an idiot’s guide to crypto currencies and what was being “mined” by the machines in the top photo it would be appreciated! I am steering well clear of it, but it would be good to have a little understanding of it……… From Wikipedia Bitcoin uses a proof-of-work system or a proof-or-transaction to form a distributed timestamp server as a peer-to-peer network.[3] This work is often called bitcoin mining. During mining, practically all of the computing power of the bitcoin network is used to solve cryptographic tasks, which is proof of work. Their purpose is to ensure that the generation of valid blocks involves a certain amount of effort so that subsequent modification of the blockchain, such as in the 51% attack scenario, can be practically ruled out. Because of the difficulty, miners form "mining pools" to get payouts despite these high power requirements, costly hardware deployments, and hardware under control. As a result of the Chinese ban on bitcoin mining in 2021, the United States currently holds the largest share of bitcoin mining pools Quote
