Bitcoin miners in Malaysia have become millionaires

Bitcoin miners in Malaysia

Between 2018 and 2021, $550 million in Bitcoin (BTC) profits were stolen by Bitcoin (BTC) miners in Malaysia.

The most frequent type of crime associated with bitcoin mining is the theft of electricity from the public network. The Malaysian government spent $550 million on this practice between 2018 and 2021, according to official figures. Local officials decided to take action after seeing an increase in the number of these robberies.

Electricity thefts for Bitcoin had an increase in 2021

Tenaga Nasional Bhd, Malaysia’s largest electricity provider, has been campaigning against unauthorized connections to mining infrastructure for four years. Baharin Din, CEO of the company, foresees an increase in the illicit use of electricity in mining. Tenaga Nasional Bhd has seen an increase in energy theft, from 610 incidents in 2018 to 7,209 incidents in 2021. Mr. Din estimates fraud-related losses at $550 million.

He also remembers how the miners have been able to redirect electricity for such a long period of time. They have resorted to techniques such as counterfeiting to achieve their goals. “Unscrupulous criminals do so at the expense of public safety and supply chain reliability. Fires can be started by improper electrical connections ”Din”.

Malaysian authorities defend their country

Tenaga collaborates with the anti-corruption agency, the police, the Energy Commission and local governments to combat the activities of illegal miners in the country. The Bukit Aman CID seized $12.9 million worth of bitcoin mining equipment in 2021, according to court documents. The equipment seized from the previous year was only worth $331,000.

Tenaga Nasional Bhd will also offer a special price for bitcoin miners, which would be exclusive to them. In addition, the company will use meter data analysis and management software. Among other things, you will be able to better track energy use and supply thanks to it.

In addition to these measures, Malaysia has decided to severely penalize miners who steal electricity. They now face a fine of $23,700 and a maximum sentence of five years in prison.