Malaysian bitcoin miners have stolen $723 million in power since 2018: Report

  • At a ceremony when they disposed of more than 2,000 machines that had been confiscated during an operation, Malaysia’s Deputy Minister of Energy Transition and Water Transformation disclosed the figure.

The deputy minister for energy and water in Malaysia claims that between 2018 and 2023, illicit cryptocurrency miners in the country stole $723 million worth of electricity.

According to a report by Malay Mail, deputy minister of energy transition and water transformation Akmal Nasrullah Mohd Nasir made the remark during a ceremony that saw the disposal of 2,022 seized items worth about $467,000, including electrical equipment and Bitcoin mining devices.

According to Nasir, the people residing in the impacted areas are also suffering from these illicit mining operations, in addition to Tenaga Nasional Berhad, the state-owned electricity company in Malaysia.

Usually, electrical thieves discover a way around electricity meters or divert electricity from power lines, and they avoid registering with the relevant authorities.

According to Nasir, those who mine cryptocurrencies steal electricity because they think there are no meters on their property, making it impossible to catch them.

He went on to explain how Malaysian officials were able to collect almost 2,000 items in an operation in October 2022, but energy supply firms have a variety of ways to determine unusual energy consumption in a certain location.

The country does not forbid cryptocurrency mining; however, stealing power to mine is, as Malaysia’s Universiti Teknologi MARA clarified in December 2022.

Since at least August 2019, Malaysian authorities have begun apprehending cryptocurrency miners; according to Nasir, this is done in compliance with the nation’s criminal procedure legislation.

A steamroller was used to crush some of the machinery in order to get rid of them.

Nasir stated that his ministry has prioritized boosting Malaysia’s renewable energy sources in addition to reducing the number of illegal miners.

Malaysia imposes harsh penalties for unregistered exchanges.

Huobi Global, a cryptocurrency exchange, was ordered to shut down by Malaysia’s Securities Commission Malaysia in May of last year for neglecting to register its trading services.

The only cryptocurrency trading platforms that are registered in Malaysia are Torum International, HATA Digital, Luno, SINEGY, MX Global, and Tokenize Technology.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Lalit Mohan

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