“Shocking theft of $722 million worth of electricity”
Malaysian authorities have uncovered a shocking revelation of electricity worth over $700 million used by illegal Bitcoin miners between 2018 and 2023. This shocking revelation alerts the government to initiate action against these unauthorised activities. On digging into the facts, the Malaysian government found that the illegal Bitcoin miners had undertaken electrical devices, and authorities have initiated strict action against crypto miners, who have incurred huge losses.
“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.”
- Akmal Nasrullah Mohd Nasir, Deputy Energy Transition and Water Transformation Minister
The absence of meters on the premises leads miners to believe that their activities will not be detected. However, energy supply companies have initiated the development of high-operating machines that help to identify any discrepancies in energy consumption patterns. The Malaysian government is focusing on increasing the production of green and renewable energy. Authorities have seized devices, including Bitcoin mining machines, and initiated destruction, recording a punishment under Sections 406A and 407 of the Criminal Procedure Code. Akmal Nasrullah has personally witnessed the destruction of over 2000 seized devices worth around $470,000.
Also Read: What Makes Thailand the Best Place For Crypto Investment?
