12 July, 2024
Malaysia Loses Over $700 Million Worth of Electricity to Illegal Crypto Miners, Says Minister
According to a government minister, Malaysia lost $727 million worth of electricity stolen by illegal crypto miners between 2018 and 2023. The minister also warned that power companies have methods to detect unauthorized mining activity.
Malaysia Loses Over $700 Million Worth of Electricity to Illegal Crypto Miners, Says Minister
Illegal Crypto Mining Detrimental To Malaysians Says Minister
Between 2018 and 2023, the theft of electricity by illegal cryptocurrency miners cost Malaysia approximately $727 million (RM3.4 billion), according to Akmal Nasrullah Mohd Nasir, the Asian country’s Deputy Energy Transition and Water Transformation Minister. Nasir also claimed that the theft of electricity for crypto mining purposes, which is growing, is detrimental not only to the power company but also to the general population.
According to a Malaymail report, Nasir made these claims in Balakong, where officials destroyed seized electrical devices without security certificates from the Energy Commission. At the event, Nasir warned illegal crypto miners that power utility companies have methods of detecting unsanctioned mining activities.
“The theft of electricity by those who mine cryptocurrency occurs because they believe this activity cannot be detected due to the absence of meters on their premises. However, energy supply companies have various methods to detect unusual energy consumption in an area,” the Malaysian Minister warned.
Meanwhile, Akmal Nasrullah, who reportedly witnessed the destruction of the seized equipment, revealed that as many as 2,022 devices worth approximately $470,000 were destroyed. These devices included bitcoin mining machines without Energy Commission certification, which were seized in October 2022.
The Malaysian Minister stated that the destruction of the devices by the deputy public prosecutor was carried out under Sections 406A and 407 of the Criminal Procedure Code.
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