Malaysia Clamps Down on $725 Million Bitcoin Mining Electricity Theft

Malaysian authorities have uncovered a staggering case of electricity theft amounting to $725 million by illegal Bitcoin miners between 2018 and 2023.

This discovery has prompted the government to take firm action against these unauthorized operations.

Deputy Energy Transition and Water Transformation Minister Akmal Nasrullah Mohd Nasir emphasized the severity of the issue, stating that the country suffered RM3.4 billion in losses due to cryptocurrency mining-related electricity theft from 2018 to 2022.

He highlighted the widespread nature of these activities, stressing their detrimental impact on both Tenaga Nasional Berhad (TNB) and the nation as a whole.

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The absence of meters at these locations has allowed miners to operate under the assumption of anonymity. However, energy supply companies have implemented advanced detection methods to identify abnormal energy consumption patterns in specific areas.

In addition to cracking down on electricity theft, the Malaysian government is prioritizing the expansion of green and renewable energy production. Recent operations have resulted in seizures of Bitcoin mining machines, electrical products lacking safety certifications, and other items linked to electrical accidents.

Akmal Nasrullah explained that these confiscated items would be disposed of in accordance with legal procedures to ensure environmental compliance under relevant regulations.

Alexander Stefanov