Malaysian Crypto Miners Stole $722 Million in Electricity from 2018
Key Points:
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.
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.
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