Malaysia Registers 300 Percent Rise in Electricity Theft Due to Illlegal Crypto Mining, Bitcoin

The segment of cryptocurrency has increased rapidly over the years. Along with this, there is also an increase in crypto mining. Electricity theft has increased by 300 percent in the last few years due to illegal crypto mining in Malaysia. Law enforcement agencies in Malaysia have increased efforts to curb this.

A media report quoted Malaysia’s largest electricity distribution firm Tenaga Nasional Berhad (TNB) as saying that the theft of electricity has increased by 300 percent due to illegal crypto mining in the last six years. Crypto mining requires advanced computers using more electricity. The largest cryptocurrency bitcoin is the largest mining in terms of market value. This gives a reward to the Crypto Minors to generate a new token. This report states that in the last six years, the number of complaints related to power cut and electricity has increased.

These activities are being monitored in Malaysia after catching more than 2,400 cases of illegal crypto mining last year. In some cases, property owners reported a lot of electricity bills for their rented space. After investigating these cases, the authorities caught illegal crypto mining. TNB has claimed that it is working closely with authorities to investigate and deal with the theft of electrocity related to crypto mining. Smart meters can be used for this, which will make it easier to keep the record for the use of electricity.

Under the Malaysia’s Electricity Supply Act, those who steal electricity may have to pay heavy penalty along with imprisonment for 10 years. However, measures are being taken to promote the Crypto segment in Malaysia and the crypto mining is not illegal there, but for this the minors have to register their functioning. Earlier in some countries like the US and Iran, there were difficulties in some regions due to increasing consumption of electricity due to crypto mining. These countries also made strict rules to deal with it.