KUALA LUMPUR, Nov 19 (Reuters) – Malaysia’s national utility Tenaga Nasional Bhd (TNB) suffered losses of more than $1 billion from illegal electricity use by cryptocurrency miners between 2020 and August this year, the energy ministry said.
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Illegal use of electricity for cryptocurrency mining, particularly bitcoin, caused financial losses of 4.6 billion ringgit ($1.11 billion), the ministry said, adding that the TNB was working with authorities to combat electricity theft.
Although there are no specific laws governing cryptocurrency mining, tampering with meters or using connections to circumvent them are offenses under the Electricity Supply Act.
The ministry said TNB was able to seize bitcoin mining machines from the affected premises following joint operations by the ministry, police, communications regulator, anti-corruption agency and other law enforcement agencies.
“In an effort to reduce this problem, a database storing comprehensive records of owners and tenants of premises suspected of being involved in electricity theft linked to Bitcoin mining activities has been created by the TNB,” the ministry said.
“This database plays an important internal reference role to identify and monitor suspect premises and serves as a basis for operational inspection measures.”
Smart meters are also installed at electricity distribution substations to monitor energy consumption and detect any power manipulation in real time, the ministry added.
($1 = 4.1460 ringgit)
Reporting by Danial Azhar; Editing by David Stanway
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