Cryptocurrency price has been growing within the last few years. As a result, it attracted a lot of people into crypto mining, especially Bitcoin. As Wallebi reported previously, people around the world try to mine cryptocurrency illegally. In fact, they steal electricity in order to power their mining equipment. Many people arrested in different countries due to stealing electricity for mining purposes. The reason is that mining hardware consume high amount of electricity for their operation. In the latest news, illegal crypto miners arrested in Malaysia due to stealing electricity.[penci_related_posts dis_pview="no" dis_pdate="no" title="Related posts:" background="" border="" thumbright="yes" number="2" style="grid" align="none" withids="" displayby="cat" orderby="rand"]
Illegal crypto miners arrested in Malaysia; $600,000 worth of electricity stole over three years
Malaysian officials shut down two crypto mining operations in state Johor. The mining farms stole almost $20,000 worth of electricity monthly. The official stated that the farms stole $600,000 electricity over three years.
A local news site reported in Sept. 1, that local official in collaboration with Malaysian power utility firm, Tenaga Nasional Berhad (TNB) arrested few people, who are responsible for illegal mining. In fact, those individuals stole over $600,000 worth of electricity to mine cryptocurrency. The mining farms are located in city of Iskandar Puteri in Johor Bahru.
The owner paid only $7-14 per month
The regional director of Malaysia’s Energy Commission, Nazlin Alim Sadikhi, explained that one of the farms with 100 mining rigs was operating nonstop for the past three years. The other 48 mining machines were in operation for two years. The owner of the farms paid only $7-14 per month for the electricity. It means that they stole $20,000 worth of electricity every month.
Sadikhi added that TNB inspectors found illegal wiring, which supplied electricity directly to the farm and not trough the TNB meter.
Bitcoin and other cryptocurrencies trading and mining are legal in Malaysia, as a result, once in a while, such those problems occur in the country.
Under Malaysian laws, those who act in order to steal electricity will face $1.2 million and ten years of jail as penalty.