Malaysia Implements a Crackdown on the Theft of $722 Million in Bitcoin Mining Electricity

The Malaysian authorities have discovered a remarkable instance of electricity theft, which totaled $722 million, committed by illicit Bitcoin miners between 2018 and 2023.

This discovery has compelled the government to take decisive action against these unauthorized operations.

The severity of the issue was underscored by Deputy Energy Transition and Water Transformation Minister Akmal Nasrullah Mohd Nasir, who reported that the country experienced RM3.4 billion in losses as a result of electricity theft related to cryptocurrency mining from 2018 to 2022.

He emphasized the extensive nature of these activities, emphasizing their detrimental effects on the nation and Tenaga Nasional Berhad (TNB).

Under the presumption of anonymity, miners have been able to operate at these locations due to the absence of meters. Nevertheless, energy supply companies have implemented sophisticated detection methods to identify unusual energy consumption patterns in specific regions.

In addition to its efforts to combat electricity theft, the Malaysian government is also emphasizing the development of renewable and environmentally friendly energy sources. Seizures of electrical products lacking safety certifications, Bitcoin mining devices, and other items associated with electrical accidents have been the outcome of recent operations.

In order to guarantee environmental conformance with pertinent regulations, Akmal Nasrullah clarified that these seized items would be disposed of in accordance with legal procedures.

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