Malaysia Power Theft Battle Sees 985 Bitcoin Mining Machines Obliterated
Key points:
- Local police crushed the rigs with a steamroller — as shown in a video — as a warning that the authorities are continuing to crack down on electricity theft linked to Bitcoin mining.
- Local media reported that the authorities destroyed $452,500 of mining machines on Monday.
Malaysia power theft crackdown sees 985 bitcoin mining machines destroyed, valued at $452,500, as authorities combat electricity theft linked to crypto mining.
Malaysia Power Theft Crackdown on Bitcoin Mining
Malaysian authorities have stepped up their crackdown on electricity theft linked to Bitcoin mining. Following a court order, they recently destroyed 985 bitcoin mining machines worth about 1.98 million Malaysian ringgit ($452,500) by crushing them with a roller.
The machines were seized in various enforcement operations between 2022 and April 2023. The move highlights Malaysia’s stance on tackling illegal bitcoin mining operations linked to electricity theft.
Read More: Bitcoin Mining Difficulty Hits New Historic High
Broader Impact of Malaysia Power Theft Issues
The recent enforcement actions are part of a more extensive campaign against Malaysia power theft, mainly related to Bitcoin mining operations. Last week, the Sepang district administration arrested seven individuals for electricity theft in cryptocurrency mining.
Deputy Minister of Energy and Water Transformation Akmal Nasrullah Mohd Nasir revealed that between 2018 and 2023, cryptocurrency miners in Malaysia stole RM3.4 billion ($777 million) worth of electricity.
With China’s ban on cryptocurrency mining in 2021, many operations have shifted to Southeast Asia, where countries like Malaysia offer competitive electricity prices and favourable infrastructure, making it a hotbed for illegal cryptocurrency mining operations.
| 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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Malaysia Power Theft Battle Sees 985 Bitcoin Mining Machines Obliterated
Key points:
- Local police crushed the rigs with a steamroller — as shown in a video — as a warning that the authorities are continuing to crack down on electricity theft linked to Bitcoin mining.
- Local media reported that the authorities destroyed $452,500 of mining machines on Monday.
Malaysia power theft crackdown sees 985 bitcoin mining machines destroyed, valued at $452,500, as authorities combat electricity theft linked to crypto mining.
Malaysia Power Theft Crackdown on Bitcoin Mining
Malaysian authorities have stepped up their crackdown on electricity theft linked to Bitcoin mining. Following a court order, they recently destroyed 985 bitcoin mining machines worth about 1.98 million Malaysian ringgit ($452,500) by crushing them with a roller.
The machines were seized in various enforcement operations between 2022 and April 2023. The move highlights Malaysia’s stance on tackling illegal bitcoin mining operations linked to electricity theft.
Read More: Bitcoin Mining Difficulty Hits New Historic High
Broader Impact of Malaysia Power Theft Issues
The recent enforcement actions are part of a more extensive campaign against Malaysia power theft, mainly related to Bitcoin mining operations. Last week, the Sepang district administration arrested seven individuals for electricity theft in cryptocurrency mining.
Deputy Minister of Energy and Water Transformation Akmal Nasrullah Mohd Nasir revealed that between 2018 and 2023, cryptocurrency miners in Malaysia stole RM3.4 billion ($777 million) worth of electricity.
With China’s ban on cryptocurrency mining in 2021, many operations have shifted to Southeast Asia, where countries like Malaysia offer competitive electricity prices and favourable infrastructure, making it a hotbed for illegal cryptocurrency mining operations.
| 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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