Bitcoin

Read

Malaysia’s largest electricity utility says it lost over $755 million due to illicit Bitcoin mining activities starting from 2018, significantly impacting the country’s energy sector.
Tenaga Nasional Berhad (TNB), the largest electricity utility company in <a href="https://crypto.news/tag/malaysia/" target="_blank" rel="noopener noreferrer nofollow">Malaysia</a>, lost RM3.4 billion (over $755 million) in West Malaysia due to illicit <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> mining activities from 2018 to 2023, The New Straits Times reports, citing Akmal Nasir, deputy minister of energy transition and water transformation of Malaysia.
While Nasir admitted that crypto mining activities constitute a small fraction of total energy consumption, they had a significant financial impact on the country and the energy sector.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “These losses, stemming solely from Bitcoin mining which should have contributed to revenue, have escalated into billions.”
 Akmal Nasir
</blockquote>
You might also like: <a href="https://crypto.news/malaysia-accuses-huobi-of-operating-unregistered-crypto-exchange/" rel="noopener noreferrer nofollow"> Malaysia accuses Huobi of operating unregistered crypto exchange </a>
Nasir further noted that additional losses from illegal electricity connections have resulted in annual losses ranging from $22 million to $44 million.
Addressing the financial repercussions, Nasir indicated that citizens were also on the losing end as they could face tariff adjustments or related measures. The report notes that earlier, nearly $500,000 worth of electrical items were seized, including 349 Bitcoin mining rigs and 1,219 appliances without safety labels.
Meanwhile, Malaysian authorities are also cracking down on tax evasion involving digital assets. In mid-June, the Inland Revenue Board (IRB) of Malaysia <a href="https://crypto.news/malaysia-launches-ops-token-to-tackle-crypto-tax-evasion/" target="_blank" rel="noopener noreferrer nofollow">teamed up</a> with the police and CyberSecurity Malaysia for a major operation in the Klang Valley. During the operation, the law enforcement agency accessed crypto trading data from mobile devices and computers to trace digital assets and assess profits, though the extent of tax evasion is still unknown.
Read more: <a href="https://crypto.news/malaysian-man-falls-victim-to-200k-crypto-scam/" rel="noopener noreferrer nofollow"> Malaysian man falls victim to $200k crypto scam </a>

Malaysia lost over $755m due to illegal Bitcoin mining since 2018: report

crypto.news

Other articles published on Jul 10, 2024

XRP Lacks Key Elements Like ‘Customer Demand’ for ETF Approval; Solana Meets All Criteria

Water Price Prediction: WATER Plunges 9% As Lionel Messi Endorsement Fades, But This Base Meme Co...

Crypto CEO Predicts Bitcoin Market Trends For The Mid-Term Using Miner Capitulation

Celestia (TIA) Up 17%; Bullish Trend Expected

Loopring (LRC) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Ripple CEO Calls Gensler "Luddite of His Time"

Join our free newsletter for daily crypto updates!