Malaysia’s national utility firm Tenaga Nasional Bhd (TNB) has incurred losses of more than US$1 billion from illegal power usage by cryptocurrency miners between 2020 and August this year, the energy ministry said.
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TNB found that 13,827 premises had illegally used power to mine cryptocurrency over the period, the energy and water transformation ministry said in a written parliamentary reply dated Tuesday.
The illegal use of electricity for cryptocurrency mining, particularly for bitcoin, has caused financial losses of 4.6 billion ringgit (US$1.11 billion), the ministry said, adding that TNB is working with authorities to curb power theft.
Though there are no specific laws governing cryptocurrency mining, tampering with meters or using connections to bypass them are offences under the Electricity Supply Act.
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Malaysian police flatten US$1.25 million worth of bitcoin-mining machines with steamroller
Malaysian police flatten US$1.25 million worth of bitcoin-mining machines with steamroller
The ministry said TNB has been able to seize bitcoin mining machines at the premises involved following joint operations by the ministry, the police, the communications regulator, the anti-corruption agency and other enforcement bodies.
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