You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Malaysian State Records Largest Number of Power Theft Cases Linked to Crypto Mining

In the Sarawak state of Malaysia, power theft for cryptocurrency mining has become an increasingly troublesome issue over the past few years. Recently, authorities uncovered three clandestine crypto mining operations suspected of stealing electricity in shophouses and residential homes in the Miri region.

Officials from the Sarawak police and Sarawak Energy plant disclosed that the utility company is facing estimated monthly losses of 30,000 Ringgit ($6,276) due to the theft of electricity to fuel Bitcoin mining activities.

According to a recent announcement, the investigative team has confiscated over 70 cryptocurrency mining servers and related devices found on the premises.

Moreover, investigators found that some crypto mining operators had directly tampered with electricity cables to bypass meters, enabling them to obtain power unlawfully.

The investigations are still underway, conducted in accordance with Section 33(5) of the Electricity Ordinance of the country, as reported. If found guilty, offenders could be subject to a maximum fine of 200,000 Ringgit ($42,000) or imprisonment for up to 5 years.

Sarawak boasts one of the most competitive electricity tariffs, attracting crypto operators to establish mining operations in the region. However, according to reports, these operations often employ non-standard and hazardous wiring methods, posing serious risks such as short circuits, fires, damage to appliances, and even loss of life.

“Sarawak Energy remains steadfast in its commitment to continued collaboration with the Ministry of Utility and Telecommunication (MUT) and law enforcement agencies to combat power theft, particularly in cases involving cryptocurrency mining, which has resulted in significant financial losses for the company.”

Over Half of Crypto-Linked Power Thefts Found in Sarawak’s Miri Region

According to the investigation team, more than half of the cases of electricity theft related to cryptocurrency activities in Sarawak were concentrated in the Miri region.

“Out of the 260 cases uncovered in Sarawak since 2018, approximately 60% (156 cases) were detected in Miri,” the report stated.

In September last year, Sarawak Energy pinpointed two illicit cryptocurrency mining sites, which were causing frequent power disruptions in certain areas. These instances of electricity theft have led to a monthly loss of around 4 million Ringgit ($837K) for Sarawak Energy.

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

More Hong Kong Brokerages Are Providing Crypto Trading Services
14.06.2024By
Holograph Protocol Faces Exploit, Hacker Mints 1 Billion Native HLG Token
14.06.2024By
Millions of Shopify Merchants Can Accept Hundreds of Cryptos as Helio Upgrades Solana Pay Plugin
14.06.2024By

Latest news

More Hong Kong Brokerages Are Providing Crypto Trading Services
14.06.2024
Holograph Protocol Faces Exploit, Hacker Mints 1 Billion Native HLG Token
14.06.2024
Millions of Shopify Merchants Can Accept Hundreds of Cryptos as Helio Upgrades Solana Pay Plugin
14.06.2024
Spot ETH ETF Approvals Slated For This Summer, SEC Chair Gary Gensler Says
14.06.2024
Spot Bitcoin ETFs Witness $226M in Outflows, Marking Third Consecutive Day of Exodus
14.06.2024
MicroStrategy Increases Its Convertible Debt Sale By Another $200 Million To Buy More Bitcoin
14.06.2024
Near Foundation Spins out Nuffle Labs and Raising $13M Funding
13.06.2024
May Sees $1B in Crypto Investments, Slightly Down from Previous Month: KuCoin
13.06.2024
MoonPay and PayPal’s Partnership Expands to EU and UK
13.06.2024
Large South Korean Retailers Shut Down NFT Operations
13.06.2024