News

Malaysian Crypto Miners Stole $722 Million in Electricity from 2018

July 10, 2024 - Around 2 mins mins to read

Key Points:

  • Malaysian authorities revealed that illegal cryptocurrency miners stole $722 million worth of electricity from 2018 to 2023.
  • The country prioritizes stopping electricity theft by Malaysian crypto miners.
  • Authorities collaborate to combat-related issues, including tax evasion involving digital assets
According to Malay Mail, Malaysia has revealed startling figures indicating that illegal cryptocurrency miners have stolen a staggering $722 million worth of electricity between 2018 and 2023.
Malaysian Crypto Miners Stole $722 Million in Electricity from 2018

Malaysian Crypto Miners Drain $722 Million in Stolen Electricity

The revelation came from deputy minister of energy transition and water transformation of Malaysia Akmal Nasrullah Mohd Nasir during an event marking the disposal of seized Bitcoin mining equipment and other items.

Nasir, speaking on behalf of the Malaysian government, emphasized that Malaysian crypto miners resort to electricity theft due to the absence of meters at their premises, believing their activities go undetected. Energy supply companies, however, employ various methods to identify abnormal energy consumption in specific areas.

Enforcement Expands to Combat Tax Evasion and Safety Concerns

Although crypto mining constitutes a small portion of total energy usage, its financial impact on Malaysia and the energy sector is significant. Nasir highlighted additional annual losses of $22 million to $44 million from illegal electricity connections.

Stopping electricity theft by Malaysian crypto miners is a top priority for the country. Nasir stated the adverse effects on Malaysia’s utility company, Tenaga Nasional Berhad, and its citizens.

The crackdown extends beyond electricity theft. Recently, Malaysian authorities collaborated with the police and CyberSecurity Malaysia to combat tax evasion involving digital assets. This operation involved accessing crypto trading data to trace assets and assess profits.

Earlier, authorities seized nearly $500,000 worth of electrical items, including 349 Bitcoin mining rigs, amid rising concerns over electricity theft linked to crypto mining activities globally.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Malaysian Crypto Miners Stole $722 Million in Electricity from 2018

Key Points:

  • Malaysian authorities revealed that illegal cryptocurrency miners stole $722 million worth of electricity from 2018 to 2023.
  • The country prioritizes stopping electricity theft by Malaysian crypto miners.
  • Authorities collaborate to combat-related issues, including tax evasion involving digital assets
According to Malay Mail, Malaysia has revealed startling figures indicating that illegal cryptocurrency miners have stolen a staggering $722 million worth of electricity between 2018 and 2023.
Malaysian Crypto Miners Stole $722 Million in Electricity from 2018

Malaysian Crypto Miners Drain $722 Million in Stolen Electricity

The revelation came from deputy minister of energy transition and water transformation of Malaysia Akmal Nasrullah Mohd Nasir during an event marking the disposal of seized Bitcoin mining equipment and other items.

Nasir, speaking on behalf of the Malaysian government, emphasized that Malaysian crypto miners resort to electricity theft due to the absence of meters at their premises, believing their activities go undetected. Energy supply companies, however, employ various methods to identify abnormal energy consumption in specific areas.

Enforcement Expands to Combat Tax Evasion and Safety Concerns

Although crypto mining constitutes a small portion of total energy usage, its financial impact on Malaysia and the energy sector is significant. Nasir highlighted additional annual losses of $22 million to $44 million from illegal electricity connections.

Stopping electricity theft by Malaysian crypto miners is a top priority for the country. Nasir stated the adverse effects on Malaysia’s utility company, Tenaga Nasional Berhad, and its citizens.

The crackdown extends beyond electricity theft. Recently, Malaysian authorities collaborated with the police and CyberSecurity Malaysia to combat tax evasion involving digital assets. This operation involved accessing crypto trading data to trace assets and assess profits.

Earlier, authorities seized nearly $500,000 worth of electrical items, including 349 Bitcoin mining rigs, amid rising concerns over electricity theft linked to crypto mining activities globally.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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