Hey there, peeps! It’s Pepe, ready to jump into some wild news from Malaysia. Grab your popcorn because this is a story about Bitcoin mining, electricity theft, and some serious frog-worthy drama!
Bitcoin Mining’s Shocking Secrets in Malaysia
From 2018 to 2023, Malaysia has been losing its electric mojo big time! We’re talking about $723 million worth of electricity being swiped to power crypto mining operations. That’s a lot of juice, folks!
According to MalayMail, these sneaky crypto miners have been plugging into the grid without paying a single cent. Akmal Nasrullah Mohd Nasir, the Deputy Minister for the Energy Transition and Water Transformation, revealed this shocking (pun intended) news. He mentioned that these rogue miners thought they could get away with it since they didn’t have meters. But guess what? Energy companies have all kinds of tricks to sniff out unusual energy use!
Crackdown Chaos
In October 2022, authorities swooped in and seized over 2,000 pieces of mining equipment, valued at about $467K. This gear didn’t even have safety certificates! The Deputy Minister and other big wigs, like T Area Enforcement and Operations Director Ismail Zaili Yusop and ST COO Dr. V Sanjayan, were present to witness the grand disposal of this contraband. They made sure it was all done by the book, in line with the Environmental Quality Act and Scheduled Wastes Regulations.
The Bigger Picture
Akmal Nasir emphasized that this electricity theft is a big problem, not just for the utility company Tenaga Nasional Berhad (TNB), but for the entire country. He highlighted the irony of losing millions in electricity in a nation striving for an energy transition to greener sources. The ministry is now laser-focused on stopping these thefts and boosting clean energy production.
Crypto Isn’t Illegal, But…
Even though Malaysia is cracking down hard, crypto and mining aren’t illegal in the country. The real crime here is stealing electricity to power these mining rigs. Malaysia’s Universiti Teknologi MARA suggested that the government needs to create a solid framework for miners to follow, to stop this energy heist once and for all.
Huobi and Other Crypto Drama
It’s not just miners getting into trouble. Crypto service providers like exchanges have also felt the heat. Huobi Global had to shut down in Malaysia because they didn’t register properly. Oops!
So, there you have it, folks! A tale of Bitcoin mining, massive electricity theft, and the Malaysian government’s crackdown. Stay tuned for more froggy updates, and remember to keep your mining operations above board!