Malaysian crypto miners steal over $700m in five years

Cryptopolitan2024/07/10 19:31

By:By Jai Hamid

Share link:In this post: Malaysian illegal crypto miners stole $722m worth of electricity between 2018 and 2023, causing extensive damage to the energy sector. The government has prioritized stopping electricity theft for crypto mining, with authorities deploying methods to detect unusual energy consumption. Efforts include seizing and disposing of illegal mining equipment.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the

Malaysian authorities have uncovered a shocking theft of $722 million worth of electricity by illegal Bitcoin miners between 2018 and 2023. This has driven the government to prioritize actions against these unauthorized activities.

The Malaysian government has made stopping crypto miners from stealing electricity a top priority. Deputy Energy Transition and Water Transformation Minister Akmal Nasrullah Mohd Nasir explained the gravity of the situation.

He revealed that the country has lost RM3.4 billion due to electricity theft for cryptocurrency mining from 2018 to 2022. Akmal Nasrullah added that:

“These activities are becoming more widespread and are detrimental not only to Tenaga Nasional Berhad (TNB) but also to the people and the country as a whole.”

The absence of meters on their premises leads these miners to believe their activities cannot be detected. However, energy supply companies have developed various methods to identify any weird energy consumption patterns in specific areas.

The Malaysian government is also focused on increasing the production of green and renewable energy. The items they’ve seized included bitcoin mining machines in an operation in October 2022, electrical products without ST safety certificates, and other items involved in electrical accident cases.

Akmal Nasrullah said:

“These items have been ordered to be disposed of by the deputy public prosecutor in accordance with Sections 406A and 407 of the Criminal Procedure Code after going through the court and compound process.”

He added that the electrical items would be disposed of sustainably, complying with the Environmental Quality Act 1974 and the Environmental Quality (Scheduled Wastes) Regulations 2005.

Reporting by Jai Hamid

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