Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»ADOPTION NEWS»Malaysian Cryptocurrency Miners Steal $722 Million Worth of Power: Energy Management
ADOPTION NEWS

Malaysian Cryptocurrency Miners Steal $722 Million Worth of Power: Energy Management

By Crypto FlexsJuly 11, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Malaysian Cryptocurrency Miners Steal 2 Million Worth of Power: Energy Management
Share
Facebook Twitter LinkedIn Pinterest Email

Cryptocurrency miners in Malaysia stole at least 3.4 billion ringgit ($722 million) worth of electricity between 2018 and 2023, the country’s energy officials said.

Akmal Nasrullah Mohd Nasir, deputy minister for energy transformation and water resources conversion, told local news website Malay Mail on Wednesday that illegal cryptocurrency mining activities were becoming more widespread. Reported.

“Cryptocurrency miners steal electricity because they believe that this activity cannot be detected because there are no meters in the buildings,” the official said. “However, energy companies have various methods to detect abnormal energy consumption in a particular area.”

The deputy minister made the remarks at an event where the government disposed of 2,022 confiscated items worth RM2.2 million, including bitcoin mining equipment seized by authorities in October 2022.

According to the report, the official said prioritizing the fight against electricity theft was a key focus for his ministry, adding that increasing green and renewable energy production was also important.

Cryptocurrency mining operations are expanding from China, which banned all cryptocurrency mining activities in 2021, to other regions including the United States, Malaysia, Indonesia, Laos, and Thailand. Reported Last month, Southeast Asian countries were attractive to miners because of their competitive electricity prices, skilled labor and existing infrastructure, local miners told Bloomberg.

Since the Bitcoin halving in April, many Bitcoin mining companies have tried to increase their profits and mining capacity. The halving reduced miner rewards by 50%.

University of Cambridge data As of January 2022, the United States is the world’s largest Bitcoin producer, accounting for 37.8% of the global hashrate (the amount of computing power required to mine the bitcoin). Malaysia is among the top 10 Bitcoin producers, accounting for about 2.5% of the global share.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

Gala Games improves leader board rewards and introduces preference systems.

June 20, 2025

Ether Leeum Whale starts a $ 11 million leverage betting in the 30% increase in ETH prices.

June 12, 2025
Add A Comment

Comments are closed.

Recent Posts

Cryptocurrency PR: How to Build Trust and Exposure in Web3

July 2, 2025

WEMADE & Redlab Unleash Web3 MMORPG – Global Pre-Registration Open For Aug 2025

July 2, 2025

Crypto PR: The Ultimate Guide to Public Relations in the Blockchain Era

July 2, 2025

PrimeXBT Launches ‘Trade As VIP’ Campaign Offering 70% Off Trading Fees

July 2, 2025

Ethereum Dev Zack Cole starts an initiative for the ‘Tokenless’ project.

July 2, 2025

The Azuki NFT team starts an animation studio -here has more information.

July 2, 2025

Crypto Web Directory That Will Skyrocket Your Project’s Visibility

July 2, 2025

Bybit Launches Bybit.eu, A Fully MiCAR-Compliant Platform For Europe’s Crypto Users

July 2, 2025

R0AR’s $1R0R Token Roars Onto MEXC Exchange, Expanding DeFi Accessibility

July 2, 2025

$ 90m NOBITEX HACK: Fault by layer

July 1, 2025

Block3 Unveils Prompt-To-Game AI Engine As Presale Launches

July 1, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Cryptocurrency PR: How to Build Trust and Exposure in Web3

July 2, 2025

WEMADE & Redlab Unleash Web3 MMORPG – Global Pre-Registration Open For Aug 2025

July 2, 2025

Crypto PR: The Ultimate Guide to Public Relations in the Blockchain Era

July 2, 2025
Most Popular

ZetaCoin: The next big thing in cryptocurrency? – DeFi information

January 10, 2024

Victims lost $71 million in WBTC due to address poisoning attacks.

May 4, 2024

XRP Market Cap Reaches $50 Billion – Is $2 Really Possible?

November 16, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.