Malaysia Suffers RM700 Million Annual Loss Due to Cryptocurrency Mining-Related Electricity Theft

Malaysia is facing a significant financial loss due to electricity theft linked to cryptocurrency mining, with estimates suggesting that the country loses around RM700 million annually.

The Deputy Energy Transition and Water Transformation Minister has expressed concern over the issue, noting that cryptocurrency mining activities have been detected not only in business premises but also in residential areas. He urged homeowners to be vigilant about their tenants, as they may be held responsible for any electricity theft or misuse.

As part of an integrated operation involving the Energy Commission and Tenaga Nasional Bhd (TNB), two houses were inspected and found to have suspected involvement in electricity theft. The estimated losses from these cases are around RM34,000 per month, which could potentially exceed RM200,000 over six months.

The Minister emphasized that electricity theft is a serious issue that poses significant fire risks due to illegal cable connections that do not meet Energy Commission safety standards. He also noted that the use of multiple high-powered mining machines can lead to short circuits and fires.