Malaysia loses RM3.4 bln to bitcoin mining electricity theft since 2018

2 weeks ago 13
ADVERTISE HERE
File photo for illustration purposes only. Photo credit: Traxer/Unsplash

Advertisement

By DayakDaily Team

KUCHING, July 10: Malaysia has suffered losses amounting to RM3.4 billion from 2018 to 2023 due to the theft of electricity for bitcoin mining activities, stated Deputy Minister of Energy Transition and Water Transformation, Akmal Nasrullah Mohd Nasir.

According to a TVS news report, Akmal Nasrullah remarked that the rampant nature of this illegal activity not only affects Tenaga Nasional Berhad (TNB) but also the public and the nation as a whole.

Advertisement

“Those involved in cryptocurrency mining steal electricity, thinking they won’t be detected due to the absence of meters at their premises. However, energy suppliers have various methods to detect abnormal energy usage in any given area,” he was quoted as saying.

The deputy minister made these comments at a press conference during the disposal of confiscated items related to electricity theft and electrical equipment without Safety Certificates from the Energy Commission (ST) in Balakong today.

These items were seized during bitcoin mining operations.

Also present were ST Chief Operating Officer Dr V Sanjayan and ST Director of Enforcement and Operations, Ismail Zaili Yusop.

Akmal Nasrullah emphasised that combating electricity theft is a priority for the ministry, alongside increasing the production of green and renewable energy.

Regarding the disposal event, he mentioned that it involved the destruction of 2,022 confiscated items worth RM2.2 million.

The items included bitcoin mining machines seized during operations in October 2022, electrical goods without ST safety certificates, and other items involved in electrical accidents.

“These items have been ordered for disposal by the Deputy Public Prosecutor under Sections 406A and 407 of the Criminal Procedure Code after completing court processes and fines,” the deputy minister explained.

The electrical items will be disposed of sustainably to comply with the Environmental Quality Act 1974 and the Environmental Quality (Scheduled Wastes) Regulations 2005. — DayakDaily

Read Entire Article