Police raided nine Bitcoin mines in Thailand as crypto prices soared following former US President Donald Trump's election win.

Officials swept through the illegal cryptocurrency factories in Surat Thani province over the weekend following tip-offs about suspicious buildings in the area. Informants said the buildings were equipped with numerous CCTV cameras despite being deserted.

Their power usage - illegally tapping into the mains while bypassing their own meter - had surged in recent days amid a spike in Bitcoin prices following the election of President Trump, who has vowed to push through policies that promote the alternative asset.

Two suspects, identified only as Nattapong and Arthit, both 30, were arrested the raids. Cops also seized 111 crypto mining machines, seven desktop computers, 10 internet routers, and 10 modified power metres.

Police Major General Montri Theskhan, commander of the Crime Suppresion Division, said on November 12 that Nattapong had rented the seven buildings and owned the two houses.

He said: 'From checking Mr. Nattapong's financial trail, it was found that there were suspicious transactions from January 2023 to September 2024, with transactions totalling more than 40 million baht (903,119 GBP). We suspect he may have been involved in illegal activities to make that kind of money.'

The Crime Suppression Division also found that the suspicious sites had high electricity usage disproportionate to the low monthly power bills. They believe the power had been used to mine Bitcoin.

Police Lieutenant Colonel Saran Sriphak of the Crime Suppression Division said: 'If the electricity meters had not been modified, these 111 Bitcoin miners would have incurred a power bill of around one million baht per month (22,577 GBP). It was found that the suspect has been stealing electricity for more than a year, causing damages of approximately 10 million baht (225,770 GBP).'

Nattapong allegedly confessed that he had started his crypto business in 2023 and bought secondhand Bitcoin mining machines through Facebook. Arthit claimed that Nattapong hired him to tamper with the electricity meters and to install a power supply for the crypto mines.

Both suspects were charged with 'committing theft at night'.

Cryptocurrency prices have been surging after President Trump's victory in the U.S. elections last week, with Bitcoin reaching 89,995 USD on Tuesday.

Trump was initially skeptical of crypto, but has since changed his stance and vowed to make the U.S. the 'crypto capital of the planet'.

Analysts have attributed the gains to anticipated crypto-friendly policies that Trump's term would bring. The price was also boosted by the involvement of long-time Bitcoin supporter Elon Musk, who campaigned for President Trump and has been rewarded with an influential post at the newly-created Department of Government Efficiency, which is named after Doge coin.