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In Malaysia, losses from electricity theft by miners reached $722 million

Natasha Kumar By Natasha Kumar Jul11,2024

In Malaysia, losses from the theft of electricity by miners reached $722 million

Malaysia's Minister of Energy and Water Transformation, Akmal Nasrullah, accused illegal bitcoin miners of multimillion-dollar losses to the state due to electricity theft. It is about the sum of $722 million, the representative of the authorities claims, Malay Mail writes.

According to the minister's statement, the mentioned losses were caused by underground miners to the state in the period from 2018 to 2023. He said the attackers illegally connected to the grid or bypassed electricity meters to power their mining farms.

«Electricity theft by those engaged in cryptocurrency mining occurs because they believe that this activity cannot be detected due to the lack of meters on their territory. However, energy supply companies have different methods of detecting unusual energy consumption in one or another area,” Akmal Nasrullah said. of confiscated items related to various illegal activities. Among them was mining equipment.

The minister noted that the actions of the attackers harm not only the only Malaysian utility company, Tenaga Nasional Berhad, but also the people of the country. For this reason, Nasrullah considers stopping illegal mining one of the main tasks of the government in the near future.

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

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