"Malaysia's national utility firm Tenaga Nasional incurred losses of more than $1 billion (860 million) from illegal power usage by cryptocurrency miners between 2020 and August this year, the Energy Ministry said earlier this month. Malaysian police have stepped up their crackdown, conducting several raids on suspected sites across the country since January, as part of a multi-agency operation with energy regulators and anti-graft authorities to tackle electricity theft linked to crypto mining."
"China was once the world's largest site for crypto mining, an energy-intensive process that uses powerful computers to solve complex mathematical puzzles to validate cryptocurrency transactions and earn new digital coins as a reward. But after Beijing banned the practice in 2021, citing threats to the country's financial stability and energy conservation, several Southeast Asian countries moved quickly to welcome miners fleeing the crackdown, hoping to monetize cheap electricity and attract new investment."
Tenaga Nasional suffered losses exceeding $1 billion from illegal electricity use by cryptocurrency miners between 2020 and August this year. Malaysian police have increased raids on suspected mining sites since January as part of a multi-agency operation with energy regulators and anti-graft authorities to combat electricity theft. Tenaga Nasional detected 13,827 establishments suspected of illegal crypto mining. The utility warned that such activities threaten user safety, jeopardise economic stability, increase public safety risks, and pose a serious threat to the national energy supply. After China's 2021 ban on mining, several Southeast Asian countries, including Laos, attracted miners seeking cheap power.
Read at www.dw.com
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