Malaysia's largest electricity utility is porposing measures to counter illicit electricity theft for crypto mining.
Malaysia’s largest electricity utility is porposing measures to counter illicit electricity theft for crypto mining.
Malaysia’s national electricity utility is ramping up plans to halt electricity theft which has reportedly been on the rise. This has to do with Bitcoin mining which is supposedly also catching speed.from late January this year, the local government is thinking of possible ways to limit its spread as it has recorded an increase of over 400% in the past four years.
The above has reportedly resulted in a loss of some RM2.3 billion, which is the rough equivalent of about $550 million – per Takiyuddin Hassan, the country’s natural resources minister. The increase in cases is a worrying trend as it affects not only the energey industry in terms of value, but also the stability of the electricity supply system and public safety.a whopping $13 million worth of crypto mining equipment, and it appears that the country is gearing up for implementing further countermeasures.
Tenaga Nasional Berhad is the largest electricity utility in Malaysia. The country’s sovereign wealth fund – Khazanah Nasional Bhd. – is its largest shareholder.proposed the introduction of a special tariff for Bitcoin mining operators. Moreover, it has also suggested that the country’s Energy Commission pressure Bitcoin mining operators to apply for electricity supply from legal sources.