Malaysia Crushes Bitcoin Mining Machines to Combat Power Theft

🚀 Stay Ahead with AltcoinDaily.co! 🌐

The authorities in Malaysia have destroyed 985 bitcoin mining machines valued at around 1.98 million Malaysian ringgits (around $452,500). This action is part of an ongoing crackdown on power theft linked to bitcoin mining in the country, as reported by local media.

The destruction of the mining rigs, which took place in the Perak Tengah district, involved crushing the machines with a steamroller following a court order. These machines were seized during various enforcement operations between 2022 and April of this year.

The government of Malaysia has intensified its efforts to combat illegal bitcoin mining operations, particularly those involved in stealing electricity.

  🌟 Unlock Crypto Insights with AltcoinDaily.co! 💰

Background

Akmal Nasrullah Mohd Nasir, Malaysia’s Deputy Energy Transition and Water Transformation Minister, stated last month that crypto miners in the country have stolen $777 million worth of electricity between 2018 and 2023. 

The crackdown on power theft is not a new initiative in Malaysia but has gained momentum in recent years. Last week, police in Sepang district arrested seven individuals suspected of operating illegal bitcoin mining activities that involved electricity theft.

The seizure and destruction of mining equipment is a common practice in Malaysia, with authorities taking aggressive action against those involved in illicit activities. Since at least August 2019, Malaysian officials have been confiscating bitcoin mining equipment, with some operations leading to the destruction of seized machinery to prevent its reuse.

 🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀

Notably, crypto mining is not banned in Malaysia but is subject to legal consequences when they involve electricity theft.

A Broader Issue

The issue of power theft is not confined to Malaysia alone. Southeast Asia has become an increasingly popular destination for cryptocurrency miners following China’s 2021 ban on all crypto mining activities. Countries like Indonesia, Laos, and Thailand have also seen a rise in mining operations due to competitive electricity prices. However, these favorable conditions also attract illicit activities and energy thefts in these regions, prompting stricter enforcement by local authorities.

For instance, in December 2022, Indonesian police shut down 10 bitcoin mining facilities involved in electricity theft amounting to nearly $1 million. 

As the crackdown continues, Malaysia’s stance on illegal bitcoin mining remains firm, with the government determined to eliminate power theft and ensure that all mining activities adhere to the country’s legal framework.

 🔍 Your Crypto News Hub: AltcoinDaily.co! 🌐