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Malaysian Minister: Illegal cryptocurrency miners have stolen $722 million worth of electricity

2024-07-10 21:54:35
Malaysian officials say cryptocurrency miners stole $722 million in electricity, and illegal cryptocurrency miners in Malaysia stole $722 million worth of electricity bills between 2018 and 2023, according to Malaysia's Deputy Minister for Energy Transition and Water Conversion. The Malay Post reports that Akmal Nasrullah Mohd Nasir revealed the figure during a campaign to process 2022 seized items, including bitcoin mining equipment. "The people who steal electricity for cryptocurrency mining do so because they think that because the premises do not have electricity meters, this kind of activity will not be detected," Akmal Nasrallah said. He added that "energy supply companies have various methods to detect abnormal energy consumption in a certain area."