Bitcoin

The Borneo Post, a local news outlet, reported on Sarawak Energy's findings. The utility company uncovered 34 cryptocurrency mining servers stealing power. 
In the town of Miri on Borneo Island, authorities recently shut down an illicit cryptocurrency mining venture. The tip-off came from local residents, leading to the operation's exposure, according to <a href="https://cointelegraph.com/news/malaysia-authorities-seize-illegal-crypto-miners" rel="noopener noreferrer nofollow">cointelegraph</a><a href="https://livecoins.com.br/argentina-aumenta-custo-de-energia-para-mineradores-de-bitcoin/" rel="noopener noreferrer nofollow">.</a> 
Authorities confiscated all the equipment, including servers and tapping cables. Investigations are now underway by local police, targeting the latest <a href="https://ultramining.com/news/en/irkutsk-region-busts-1-000-illegal-crypto-miners-in-a-year-fires-a-major-concern/" rel="noopener noreferrer nofollow">illegal mining</a> operation on the island. 
Sarawak Energy estimates the operation stole around 6,000 Malaysian ringgits ($1,300) of electricity monthly. Despite Sarawak boasting some of Malaysia's lowest energy costs, power theft remains a significant problem. 
It's not the first time in 2023 that public alerts have led to a crackdown. In Senadin, where Miri is located, over 137 mining servers were confiscated. 
This shutdown comes amidst the ongoing bear market that has put significant pressure on <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/" rel="noopener noreferrer nofollow">Bitcoin miners</a>. Consequently, many are offloading BTC in unprecedented quantities. 
The thriving mining ecosystem has seen the network <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">hash rate</a> and network difficulty reach record highs in 2023. However, these advances strain smaller operators without large-scale economies. 
Illegal mining operations often resort to stealing electricity, making them more profitable. This tactic enables these unlawful operators to pocket profits and offset hardware costs. This seizure underlines the persistent challenges facing the crypto mining industry. 
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Borneo Police Crack Down on Illegal Crypto Mining Operation

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