Illegal Bitcoin mining costs Malaysian electricity company over $100m

Malaysia’s nationwide electrical energy supplier, Tenaga Nasional Berhad, has reported losses exceeding 440 million ringgit (about $101 million) on account of 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 accordance with Suhai Rizain, the director of Malaysia’s Prison Investigation Division.

The losses from crypto mining have elevated sharply over time. 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 12 months.

You may additionally like: Donald Trump win might imply 600% positive factors in these altcoins as Solana quantity nears $4B

Bitcoin mining in Malaysia

Earlier this 12 months in July, the TNB reported comparable figuresn noting losses exceeding $755 million on account of 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 whole power consumption, it had a major monetary affect on the nation.

Moreover, authorities seized almost $500,000 price {of electrical} gadgets linked to unlawful mining operations and launched a crackdown on tax evasion involving digital belongings.

The Prison Investigation Division plans to analyze 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 important electrical energy consumption, which leads to theft when miners don’t pay for the facility they use.

You may additionally like: 5 altcoins with 1000% upside potential: A millionaire-making crypto technique