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Bitcoin Mining in Malaysia steals electricity worth $ 25 million

2019-08-15 02:31 pm | Resource: News Section | No Views : 45

Bitcoin Mining in Malaysia steals electricity worth $ 25 million Malaysian energy utilities company Tenaga Nasional Bhd (TNB) has tightened measures in an attempt to stop millions who have been lost due to electricity theft by Bitcoin Mining (BTC).
According to a recent report released Thursday, August 15, by EdgeProp, tampered electricity distribution panels used in local BTC mining operations have cost RM10 million ($ 25.3 million) as of June 2019.
There were 437 mining-related energy thefts on the peninsula of Malaysia during this time period, 370 of which were recorded in Selangor.
TNB is the only electricity utility company on the peninsula of Malaysia and also the largest listed energy company in Southeast Asia, with assets worth RM 1.0.03 billion ($ 23.6 billion).
According to the TNB measurement, Sarah Sarah Johanna Mohamed Said, General Manager of the distribution network, will take legal action against account holders - affecting property owners even in cases where tenants commit theft:
"A letter of request will be issued to the owner of the building account after we cut off the power supply."
Under article 37 of Malaysia's Electricity Supply Act, those charged with theft of electricity face a maximum penalty of RM100,000 ($ 24,000) or three years' imprisonment.
In its proceedings, the company is limited to allowing it to disconnect the power supply for a maximum of three months; however, it can file claims for outstanding payments dating back five years.
In an effort to protect landlords, TNB recommended temporarily transferring TNB to the name of their tenants.
As we mentioned earlier this month, Malaysian authorities raided 33 buildings related to Bitcoin Mining operations after discovering they were stealing electricity at a cost of up to 2.2 million Malaysian ringgit ($ 761,000).
While Malaysia allows mining and trading in the BTC without restrictions, the country's central bank issued a statement that the Bitcoin is not a legal tender and that users are poorly protected from fraud schemes and operational risks.
This summer, reports emerged that police in China had gathered evidence that people had placed cables across aquariums to steal oil power to feed the country's Bitcoin Mining electricity.

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