As a seasoned crypto investor with roots in Malaysia, I’ve seen my fair share of ups and downs in this digital frontier. The recent crackdown on illegal Bitcoin mining operations by the authorities is a reminder that while cryptocurrencies offer immense potential, they also come with significant challenges.
Malaysian officials have recently taken seven people into custody, accused of illegally operating Bitcoin mines that involved stealing electricity. According to news from Bernama, these arrests took place last week and the individuals arrested include three locals and four foreign nationals. The suspects were held separately during investigations focusing on electricity theft connected to Bitcoin mining activities.
Malaysia Cracks Down on Crypto Mining, Seizes $57,000 in Equipment
The Head of Police in Sepang District, ACP, verified that those apprehended had no criminal history but were involved in manipulations concerning Bitcoin usage. The primary objective of the operation was to identify individuals who illegally used electricity for Bitcoin mining activities. During the raid, authorities detained suspects and seized 52 Bitcoin mining rigs, along with other electronic equipment. The estimated worth of the confiscated items is around RM250,000, which translates to approximately $57,000 in U.S. dollars.
As a long-time resident and energy consumer in Malaysia, I have witnessed the rapid growth of cryptocurrency mining operations within our country over the past few years. While I understand the allure of this modern technology, I cannot ignore the alarming reports that have surfaced about the significant amount of electricity being stolen by crypto miners from 2018 to 2023, totaling over $777 million. This is a staggering sum, and it’s concerning to think that such a large portion of our national resources could be going towards supporting this activity instead of essential services for the people.
As an analyst, I’ve observed a significant escalation in the enforcement of unlawful cryptocurrency mining activities. This intensification stems from miners relocating their operations outside of China, following its ban on crypto mining in 2021. Instead, they are now setting up shop in nations such as Malaysia, Indonesia, Laos, and Thailand, which offer competitive electricity rates and advanced infrastructure.
On August 17th, authorities executed a specific operation in Bandar Baru Salak Tinggi and Taman Putra Perdana, which culminated in the apprehension of several individuals. This operation saw the seizure of fifty-two mining machines, two vehicles, three laptops, and seven mobile phones. The detainees are now facing charges for property damage, theft of electricity, and immigration permit violations.
Additionally, on August 19, authorities in Perak Tengah confiscated approximately 985 Bitcoin mining devices and related equipment valued at around RM1.97 million. This seizure had been held for over two years to curb and discourage illegal mining. The action was taken lawfully and without infringing on any environmental regulations.
Read More
- PENDLE PREDICTION. PENDLE cryptocurrency
- Skull and Bones Players Report Nerve-Wracking Bug With Reaper of the Lost
- Unlocking the Mystery of Brawl Stars’ China Skins: Community Reactions
- SOLO PREDICTION. SOLO cryptocurrency
- Smite 2: Overcoming the Fear of Your First Match in the MOBA Universe
- Understanding the Constant Rain in Pacific Drive: A Reddit Discussion
- Dragon Quest III HD-2D Remake Review: History Repeats
- Team Fight Tactics (TFT) Patch 14.23 Notes: What to Expect from Set 13 Release
- Clash Royale: The Perils of Firecrackers and Cringe Decks
- How to repair weapons & gear in Stalker 2
2024-08-19 19:13