We derive scaling relations for the thermal dissipation rate in the bulk and in the boundary layers for moderate and large Prandtl number (Pr) convection. Using direct numerical simulations of Rayleigh-Bénard convection, we show that the thermal dissipation in the bulk is suppressed compared to passive scalar dissipation. The suppression is stronger for large Pr. We further show that the dissipation in the boundary layers dominates that in the bulk for both moderate and large Pr. The probability distribution functions of thermal dissipation rate, both in the bulk and in the boundary layers, are stretched exponential, similar to passive scalar dissipation.