Malaysia's Estimated RM700 Million Loss Due to Illegal Bitcoin Mining

The Malaysian government has revealed that the country loses approximately RM700 million annually due to electricity theft linked to illegal bitcoin mining. This staggering amount is attributed to the clandestine activities of individuals and businesses using diverted electricity for cryptocurrency mining.

A joint operation between the Energy Commission and Tenaga Nasional Berhad (TNB) was conducted in Kuantan, Pahang, which led to the detection of two houses suspected of engaging in electricity theft. The losses estimated from these cases are around RM34,000 per month, potentially exceeding RM200,000 over six months.

Deputy Minister of Energy Transition and Water Transformation Datuk Seri Abdul Rahman Mohamad emphasized that such electricity theft poses significant dangers, including electric shocks and short circuits caused by illegal cable connections. He urged homeowners to be vigilant about their tenants and advised owners to transfer TNB electricity accounts to tenants to avoid any potential liabilities.