Malaysia’s nationwide electrical energy supplier, Tenaga Nasional Berhad, has reported losses exceeding 440 million ringgit (about $101 million) resulting from electrical energy theft linked to unlawful Bitcoin mining actions.
Native reporting from The Star signifies that since 2020, this theft has considerably impacted TNB’s funds, leading to a lack of 103 million ringgit in 2023 alone, in keeping with Suhai Rizain, the director of Malaysia’s Legal Investigation Division.
The losses from crypto mining have elevated sharply through the years. In 2020, TNB recorded losses of 5.9 million ringgit. This determine escalated to 140.4 million ringgit in 2021, adopted by 124.9 million ringgit in 2022, and 67.1 million ringgit final yr.
Bitcoin mining in Malaysia
Earlier this yr in July, the TNB reported related figuresn noting losses exceeding $755 million resulting from illicit Bitcoin mining actions from 2018 to 2023.
The deputy minister of power transition and water transformation, Akmal Nasir, acknowledged that whereas crypto mining accounted for a small portion of complete power consumption, it had a big monetary influence on the nation.
Moreover, authorities seized almost $500,000 value {of electrical} gadgets linked to unlawful mining operations and launched a crackdown on tax evasion involving digital property.
The Legal Investigation Division plans to research the components contributing to those substantial losses, notably the traits noticed in 2022 and 2023.
Unlawful Bitcoin (BTC) mining entails utilizing unauthorized electrical energy to energy computer systems that clear up complicated mathematical issues, enabling customers to earn Bitcoin. This follow can result in vital electrical energy consumption, which leads to theft when miners don’t pay for the facility they use.