This is How Malaysia Plans to Fight Electricity Theft for Bitcoin Mining

Malaysia’s nationwide electrical energy utility is ramping up plans to halt electrical energy theft which has reportedly been on the rise. This has to do with Bitcoin mining which is supposedly additionally catching pace.

  • Electricity theft in Malaysia is supposedly a severe problem. According to a report from late January this 12 months, the native authorities is pondering of doable methods to restrict its unfold because it has recorded a rise of over 400% previously 4 years.
  • The above has reportedly resulted in a lack of some RM2.3 billion, which is the tough equal of about $550 million – per Takiyuddin Hassan, the nation’s pure sources minister.

The improve in instances is a worrying pattern because it impacts not solely the energey business when it comes to worth, but in addition the soundness of the electrical energy provide system and public security.

  • In 2021, Malaysian authorities seized a whopping $13 million price of crypto mining gear, and it seems that the nation is gearing up for implementing additional countermeasures.
  • Tenaga Nasional Berhad (TNB) is the biggest electrical energy utility in Malaysia. The nation’s sovereign wealth fund – Khazanah Nasional Bhd. – is its largest shareholder.
  • TNB has reportedly proposed the introduction of a particular tariff for Bitcoin mining operators. Moreover, it has additionally prompt that the nation’s Energy Commission stress Bitcoin mining operators to apply for electrical energy provide from authorized sources.
  • Speaking on the matter was Tenaga’s CEO – Baharin Din, who mentioned:

The irresponsible perpetrators are doing it on the expense of the safety and reliability of provide for the general public at massive.

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About the Author: Daniel