Judging by the price of electricity in Malaysia, this Southeast Asian country is one of the favored regions for mining cryptocurrencies, but some people choose to run away with electricity. Within a week, a law enforcement agency in Sarawak, Malaysia confiscated around 1,290 cryptocurrency mining platforms powered by stolen electricity.
Illegal persecution of mining in Sarawak
Following information from the public, local energy company Sarawak Energy and the Ministry of Utilities opened a cryptocurrency socket on October 15 that draws power from a high-voltage substation. This is purportedly the largest electricity theft in the state. Around 1,200 mining platforms worth $418,470 (RM 1.74 million) and some other equipment were seized during the raids.
Police in riot gear stormed the rally on Saturday and drove hundreds of protesters away in trucks. Among other things, about 90 mining machines were confiscated.
Two men who worked as security guards were also arrested as suspects in the attack, while the real owner of the farm is at large.
He lost more than 70,000
Digital currencies like Bitcoin are mined through a mining process. The process requires the use of high computing power to solve mathematical puzzles to create blocks which will be rewarded with new coins. These machines use a lot of electricity to function optimally, which is why some countries regulate them strictly as they can cause a lot of harm, especially if done illegally.
Sarawak Energy said losses from illegal mining amounted to more than $72,150 or more than RM300,000 per month.