Massive Electricity Theft in Malaysian Crypto Mining
- Malaysia uncovers massive electricity theft in crypto mining.
- Losses total $1.1 billion since 2020.
- Bitcoin is the main asset impacted by theft.
Malaysia has discovered a $1.1 billion loss caused by illegal crypto mining, affecting nearly 14,000 premises since 2020, with Bitcoin as the primary cryptocurrency mined.
This has raised concerns about national economic stability and the integrity of Malaysia’s energy supply system, prompting enhanced law enforcement measures and monitoring by the Ministry of Energy and TNB.
Malaysia has uncovered a large-scale electricity theft associated with illegal crypto mining, incurring losses of over $1.1 billion since 2020. These activities have been traced to around 14,000 premises primarily mining Bitcoin.
The Ministry of Energy and Tenaga Nasional Berhad (TNB) are the key organizations involved. They have confirmed these figures through parliamentary and regulatory reports. The TNB has a mandate to monitor and regulate such illegal activities.
Authorities emphasize that illegal crypto mining not only threatens economic stability but also poses serious risks to public safety and the national energy grid. The focus is mainly on Bitcoin, though other digital assets are potentially involved.
The financial implications are substantial, with a 600% increase in losses since 2018. This situation draws attention to the need for enhanced enforcement and has prompted increased raids and legal actions against illegal operators. Malaysia’s Ministry of Energy spokesperson said,
“These activities not only threaten user safety, but also jeopardise the nation’s economic stability… and pose a serious threat to the national energy supply system.”
Given the persistent threat, Malaysia’s stance on illegal mining remains strict, involving penalties of up to 10 years in prison. Past patterns suggest continued enforcement will be a primary strategy, maintaining efforts to secure national resources.
