Bitcoin Miners in Malaysia Adopt Power Stealing to Fuel Mining Process
- Several governmental institutions are collaborating with Tenaga to catch illicit miners.
- Experts also recommend smart meters and meter data management systems.
The power utility company in Malaysia is suggesting new ways to combat the issue of escalating energy theft cases for Bitcoin mining in the nation. Bloomberg reports that Tenaga Nasional Bhd. is considering instituting a “regulated supply” price for Bitcoin mining operations.
Unauthorized Electrical Connections
Illegal power consumption to mine digital currencies is expected to rise shortly, according to Baharin Din, the company’s President and Chief Executive Officer. From 610 in 2018 to 7,209 incidents in 2021, Tenaga reports illicit Bitcoin mining using unauthorized electrical connections. To avoid being regulated, miners have taken measures like tampering with meters and making illegal connections to fuel their operations.
It was previously reported that Malaysia’s Bukit Aman Criminal Investigation Department (CID) confiscated illicit Bitcoin mining equipment worth a record $12.9 million. There was a 4,185-percent increase in the total value of seized equipment compared to 2020.
Several governmental institutions are collaborating with Tenaga to catch illicit Bitcoin miners. These include anti-corruption, law enforcement agencies, the Energy Commission and municipal councils. Experts also recommend smart meters and meter data management systems to improve the availability of essential power demand and supply information. Because bitcoin mining has been banned in Malaysia, it’s unclear how the idea would be executed if it passes.
Anti-corruption agencies, police, the Energy Commission and municipal governments have cooperated with Tenaga to catch electricity thieves, particularly among Bitcoin miners. According to Baharin, 18 people were detained for an estimated theft of 2.3 billion ringgit ($550 million) in power between 2018 and 2021.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
