The investigation began after a resident noticed multiple CCTV cameras installed at an apparently vacant house in southern Surat Thani province, said Pongsak Meemusik, a police officer who led the operation.
The Central Investigation Bureau, in collaboration with the Provincial Electricity Authority, raided the house last week and found it was being used as an illicit bitcoin mining site.
Two suspects, both aged 30, have been arrested on charges of theft.
Pongsak told AFP that modified electricity meters were used to steal power worth more than 10 million baht ($280,000).
Further investigation led police to uncover eight more houses in the province with similar setups.
Mining virtual currencies such as bitcoin requires powerful computers that consume huge amounts of electricity.
Bitcoin miners are considered manufacturers in Thailand and must pay associated taxes, but illegal mining has been on the rise for years.
There have been multiple raids on illegal cryptocurrency mining rigs in this year alone.
Bitcoin soared to a new record high of over $80,000 last week on the election of Donald Trump as US president.
Bitcoin stood on the verge of $90,000 , riding a wave of euphoria since the election of Donald Trump as US president on expectations his administration will be crypto friendly.
The world’s biggest cryptocurrency has become one of the most eye-catching movers in the week since the election and touched $89,637 in Asia - a gain of more than 25% since Nov. 5.
It is surging along with Elon Musk’s automaker Tesla, which is up nearly 40% since voting results rolled in as investors figure Trump’s friends and interests will do well while he is in office.
“Obviously (it’s) a clear Trump trade as he is so supportive of the industry, and this can only mean more demand both for crypto stocks as well as the currencies themselves,” said Nick Twidale, chief market analyst at ATFX Global in Sydney.
“The fact that bitcoin was trading near all-time highs when the election result came through meant that it had clean sky above.”
Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.
It is not clear how or when that could happen but the possibility drove a speculative surge in crypto mining and trading stocks.
“I think it increases the chances that other nation states buy bitcoin in a bid to front run the US,” said Matthew Dibb, chief investment officer at cryptocurrency asset manager Astronaut Capital.
“Additionally I think it would be a crazy catalyst for the US listed Bitcoin miners … given possibilities of such entities getting nationalised.”
Crypto miner Riot Platforms jumped nearly 17% on Wall Street overnight and rose further in after-hours trade. Fellow miners MARA Holdings and CleanSpark leapt nearly 30%.
Software company and investor in bitcoin MicroStrategy announced it had spent about $2 billion buying bitcoin between Oct. 31 and Nov. 10. Shares rose 26% and were still gaining in after-hours trade.
The euphoria extended across the crypto landscape with smaller tokens such as ether and even one-time joke currency dogecoin having surged.
Crypto investors see an end to increased scrutiny under US Securities and Exchange Commission Chair Gary Gensler whom Trump has said he will replace.
Trump also unveiled a new crypto business, World Liberty Financial, in September.
“What we’re seeing isn’t just a price milestone; it’s a signal that the market is warming to the idea of bitcoin as a more stable, even politically favoured, asset,” said Justin D’Anethan, head of Asia-Pacific business development at digital assets market maker Keyrock.
