Malaysia Fights Back Against $1.1 Billion Crypto Mining Power Theft Epidemic

In response to a massive, multi-year wave of electricity theft, Malaysian authorities are cracking down on illegal cryptocurrency mining operations that have cost utility giant Tenaga Nasional Bhd over $1 billion.

The scale of the problem is vast, with 13,827 separate premises discovered siphoning power from the grid to mine Bitcoin and other cryptocurrencies.

The government’s solution involves a multi-pronged approach: joint raids by police, regulators, and the anti-graft agency to confiscate hardware, and the creation of a centralized TNB database to log details of property owners and tenants involved in the thefts.

This coordinated effort aims to curb a practice that, while not specifically illegal, uses methods explicitly outlawed by the Electricity Supply Act.