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.
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