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Between 2018 and 2023, illegal cryptocurrency mining operations in Malaysia have stolen approximately $723 million worth of electricity, according to Akmal Nasrullah Mohd Nasir, Malaysia’s Deputy Minister of Energy Transition and Water Transformation. Illegal crypto mining operations 
During an event highlighting the disposal of seized items valued at around $467,000, including Bitcoin mining machines and electrical equipment, Nasir detailed the adverse effects of these operations on both the state-controlled power operator, Tenaga Nasional Berhad, and local communities. The event saw the destruction of 2,022 seized items, symbolizing the government’s crackdown on illicit mining activities.
Electricity robbers typically bypass official registration andmanipulate meters or divert power directly from lines, believing their activities cannot be detected due to the absence of meters on their premises. However, Nasir highlighted that energy companies have methods to identify unusual energy consumption patterns, which led to the seizure of over 2,000 items in a major operation in October 2022.&nbsp; 
“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,” Nasir explained. “However, energy supply companies have various methods to detect unusual energy consumption in an area.”
Mining cryptocurrency itself is not illegal in Malaysia, but stealing electricity for this purpose is. This distinction was clarified by Malaysia’s Universiti Teknologi MARA in December 2022. Malaysian officials have been confiscating cryptocurrency mining equipment since at least August 2019, following the country’s criminal procedure laws.&nbsp;
In some cases, seized machines have been destroyed by steamrollers. Nasir noted that curtailing illegal mining operations is a priority for his ministry, alongside efforts to increase renewable energy sources in the country. Unregistered crypto exchanges in Malaysia&nbsp; 
Additionally, Malaysia is cracking down on unregistered cryptocurrency exchanges. In May of last year, the Securities Commission Malaysia ordered Huobi Global to cease operations for failing to register its trading services. Currently, only six cryptocurrency trading platforms are registered in Malaysia: HATA Digital, Luno, SINEGY, MX Global, Tokenize Technology, and Torum International.
These efforts reflect Malaysia’s broader strategy to ensure regulatory compliance and protect its energy resources while fostering a safe environment for cryptocurrency activities.
Following all these updates, today <a href="https://news.todayq.com/bullish-outlook-for-ether-analyst-eyes-on-3300-level/" rel="noopener noreferrer nofollow">cryptocurrency market</a> is down by 2% and top crypto assets also experienced a price drop including Bitcoin (BTC), BNB (BNB), Solana (SOL), and Toncoin (TON). According to coinmarketcap, in the last 24 hours BTC, BNB, SOL, and TON have experienced a price drop of over 0.3%, 1.5%, 0.5%, and 2.6% respectively.

$723 million in electricity stolen by Malaysia’s illegal Crypto miner

Todayq News

Alte articole publicate pe 11 iul. 2024

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