Torum

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/illegal-crypto-mining-in-malaysia-harms-energy-sector/" data-wpel-link="internal">Illegal Crypto Mining in Malaysia Harms Energy Sector</a><br></p>
<p style="text-align: justify">Illegal crypto mining in Malaysia severely damages the country’s energy sector and communities. Since 2018, these operations have reportedly siphoned off electricity worth an estimated $723 million. This staggering figure was revealed during an event where authorities disposed of over 2,000 items, including <a href="https://en.coin-turk.com/bitcoin-sentiment-hits-extreme-greed-amid-etf-application-excitement/" data-wpel-link="internal">Bitcoin</a> mining devices and electrical equipment worth around $467,000.</p> 
<h2 style="text-align: justify" id="electricity-theft-for-bitcoin-and-detection-methods">Electricity Theft for Bitcoin and Detection Methods</h2> 
<p style="text-align: justify">Illegal mining activities involve bypassing electricity meters and unauthorized access to power lines. This aims to avoid detection by authorities. However, energy providers track these activities using various techniques to identify abnormal energy consumption patterns.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-369581 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/07/akmal-nasir.png" alt="" width="595" height="788"></p> 
<p style="text-align: justify">In October 2022, thousands of illegal mining devices were confiscated. Malaysia’s Deputy Minister of Energy and Water Transformation, Akmal Nasrullah Mohd Nasir, emphasized that these miners often believe they can operate undetected due to the lack of measuring devices at their facilities.</p> 
<h2 style="text-align: justify" id="legal-and-regulatory-measures-taken">Legal and Regulatory Measures Taken</h2> 
<p style="text-align: justify">Crypto mining is not banned in Malaysia, but unauthorized electricity consumption for such activities is strictly prohibited. Universiti Teknologi MARA clarified this distinction in December 2022, explaining the legal consequences of electricity theft for mining. Malaysian authorities have actively seized illegal mining equipment since August 2019, adhering to the country’s criminal procedure laws.</p> 
<p style="text-align: justify">Some confiscated devices were publicly destroyed using a steamroller during these sanctions, serving as a strong deterrent against future violations. Nasir stated that combating illegal mining activities, along with initiatives to increase Malaysia’s renewable energy capacity, is a priority for his ministry.</p> 
<h2 style="text-align: justify" id="crypto-exchanges-and-legal-regulations">Crypto Exchanges and Legal Regulations</h2> 
<p style="text-align: justify">Beyond preventing electricity theft, Malaysian regulatory bodies have also taken steps to legalize crypto exchanges. In May of the previous year, the Malaysian Securities Commission ordered Huobi Global, a leading exchange, to cease operations for failing to register with local authorities.</p> 
<p style="text-align: justify">Currently, only platforms like HATA Digital, Luno, SINEGY, MX Global, Tokenize <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">Technology</a>, and Torum International are officially licensed to conduct crypto trading services in Malaysia.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/illegal-crypto-mining-in-malaysia-harms-energy-sector/" data-wpel-link="internal">Illegal Crypto Mining in Malaysia Harms Energy Sector</a></h5>

Illegal Crypto Mining in Malaysia Harms Energy Sector

Table of Contents

COINTURK NEWS

Other articles published on Jul 11, 2024

Get Started with Simple and Secure Bulk Transfers

Ripple CTO Issues Critical AI Message to XRP Community

Hamster Kombat’s Creators Unveil the Game’s Origins and 2nd Airdrop Plans

Popo The Frog Leaps Into Competitive Meme Market Via Presale Launch

Bitcoin Falls Out Of Step With US Equities, What This Could Mean For The Crypto Market

Justin Sun Buys $5 Million in Ethereum (ETH), Price Rally Coming?

Join our free newsletter for daily crypto updates!