Key Insights
- Malaysian authorities have destroyed 985 bitcoin mining machines worth approximately 1.98 million Malaysian ringgits ($452,500) as part of a crackdown on power theft linked to cryptocurrency mining activities.
- The machines were seized during enforcement operations conducted between 2022 and April 2023, and the Perak Tengah district police crushed the rigs using a steamroller after receiving instructions from a court.
KUALA LUMPUR (MarketsXplora) – In a crackdown on power theft linked to bitcoin mining activities, Malaysian authorities have destroyed 985 bitcoin mining machines worth approximately 1.98 million Malaysian ringgits (around $452,500), local media reports.
The Perak Tengah district police carried out the destruction, crushing the rigs with a steamroller on Monday after receiving instructions from a court. The machines were seized during enforcement operations conducted between 2022 and this past April.
This latest enforcement action is part of a broader crackdown by Malaysian authorities on power theft issues associated with bitcoin mining operations. Last week, the Sepang district police arrested seven individuals for allegedly conducting bitcoin mining activities that involved electricity theft.
Akmal Nasrullah Mohd Nasir, the deputy energy transition and water transformation minister, revealed last month that crypto miners in Malaysia had stolen at least RM3.4 billion (around $777 million) worth of power between 2018 and 2023.
Malaysia, along with other Southeast Asian nations, has become a popular destination for crypto mining operations, particularly after China banned all such activities in 2021. The region’s competitive electricity prices, skilled labor, and existing infrastructure have made it an attractive destination for miners seeking to relocate.
However, the influx of crypto mining activities has also led to increased concerns over power theft, prompting Malaysian authorities to take a strong stance against the issue. The destruction of the 985 bitcoin mining machines serves as a clear message that the government will not tolerate such illicit practices.
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