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Police seize 1,000 Bitcoin mining machines that were 'stealing electricity' in Asia

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Police seized almost 1,000 Bitcoin mining machines allegedly stealing electricity in Asia.

Officials raided the building where the crypto equipment was stored in Chonburi province, Thailand, on January 9.

The building was equipped with ventilation fans to disperse heat from the machines.

Police seized 996 Bitcoin mining machines, four computers, three routers, and an electricity meter modified to show lower electric consumption.

Police Lieutenant Colonel Ritthichai Chumchuay of the Crime Suppression Division said the raid was carried out following investigations into a 'suspicious' company engaged in crypto trading.

He said: ‘This company has been stealing electricity from June 2023 until now, causing more than 110 million baht (2.6 million GBP) in damages.

‘The staff of the Provincial Electricity Authority have filed a report to press charges against the company.'

Cryptocurrency prices have been surging after President Trump's victory in the U.S. elections. Bitcoin surged to a record 106,877 USD on December 16 after he reiterated plans to create a U.S. Bitcoin strategic reserve.

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.

(1 GBP = 42.56 THB)

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