Malaysian authorities shut down two crypto mining which had stolen more than $600,000 worth of electricity over 3 years

Officials in the state of Johor, Malaysia, have announced the shutdown of two crypto mining that have stolen large amounts of electricity, worth more than $ 600,000 over the past three years.

The two crypto mining operations stole almost $20,000 in electricity monthly

According to a September 1 report from The Star news site, Malaysia’s Energy Commission, electric utility company Tenaga Nasional Berhad (TNB), and local officials arrested an electric thief organization to testify. Cryptocurrency waterfall, losses up to $ 600,000. Authorities raided two mining operations in the city of Iskandar Puteri.

Nazlin Alim Sadikhi, regional director of the country’s Energy Commission, said:

“One of the crypto mining operations with 100 rigs had been operating nonstop for three years. The other setup with 48 rigs chugged along with mining crypto for two years. The owners only paid $7-14 monthly for electricity, but together with the rig operators siphoned almost $20,000 worth of power monthly.”

Sadikhi added:

“We found that illegal wiring was installed so that electricity was supplied directly and not through the TNB meter.”

Bitcoin mining with unauthorized electricity sources has been a painful problem in Malaysia. Mining and trading cryptocurrencies are still licensed in this country, though.

Under Section 37 of the Malaysia Power Supply Act, those who steal electricity in certain places other than an “indoor installation facility” more than once face a penalty of up to $ 1.2 million or ten years prison. However, according to The Star, individuals responsible for the recent theft could face up to 10 years in jail or a maximum of $ 240,000 fine if convicted.

TNB engineer Mohd Satari Mohamad said:

“The authorities had raided 90 similar installations in 2020, totaling 288 since 2018. Last year, TNB had lost more than $25 million in electrical costs as of June 2019, with one August raid taking down 33 operations that had stolen $760,000 worth of electricity.”

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS