Numerous Malaysia-based Bitcoin (BTC) mining facilities have been busted by the government, after the utility firm suffered 3.2 million Malaysian ringgit ($760,736) worth of financial damage in stolen electricity.
Tenaga Nasional Bhd (TNB) – a high profile, Malaysia-headquartered electric utility firm – has been the primary target of illegal crypto mining operations, which have unlawfully secured $760,736 from TNB. After making public the illicit activities, the firm went on to bring down 33 illegally Bitcoin mining locations, not far from Pahang, Kuantan.
Siti Sarah Johana Mohd – TNB Distributing network general manager – revealed that the Bitcoin mining process has been going on for half a year at these premises.
“TNB collected evidence that 23 premises were running Bitcoin mining activities while the other 10 premises were aware of our raid this time around and destroyed the evidence.”
“The metered 3 Amp was used only for one lamp and a suction fan. They paid a bill of only 219 Malaysian ringgit ($52) whereas they should have been billed 108,000 Malaysian ringgit ($25,674) a month for the unmetered 1,500 Amp,” Mohd added.
Despite having gone through some rough waters following numerous crypto regulatory amendments, together with the announcement of digital coins considered as securities, the crypto and blockchain scene in Malaysia is still receiving support from the government.
“The Ministry of Finance views digital assets, as well as its underlying blockchain technologies, as having the potential to bring about innovation in both old and new industries. In particular, we believe digital assets have a role to play as an alternative fundraising avenue for entrepreneurs and new businesses, and an alternate asset class for investors.” Finance Minister Lim Guan Eng added regarding blockchain implementation in industries.