🔋Malaysia's electric utility company suffers $100 million loss due to illegal Bitcoin mining⚡️
Do you know the impact of Bitcoin mining on the power grid? Mining one Bitcoin consumes 155,000 kWh of electricity, while a single transaction uses about 851 kWh, which is almost equivalent to a month's electricity usage for an American household!
However, in Malaysia, the national power supplier Tenaga Nasional Berhad (TNB) has been severely impacted by illegal mining, suffering losses exceeding 440 million ringgit (approximately $101 million).
Reports indicate that TNB has been operating at a loss since 2020, and this number has been increasing each year. From 2018 to 2023, their total losses have surpassed $755 million.
As a result, the Malaysian government is taking strict measures to combat this tax evasion, with the criminal investigation department looking into these theft cases and the reasons behind the escalating losses.
The findings show that, although cryptocurrency mining constitutes only a small portion of Malaysia’s total consumption, it has had a significant economic impact. In addition to TNB's losses, over $500,000 worth of electrical equipment related to illegal mining activities has also been confiscated.
So, how does Bitcoin mining affect power companies? Simply put, mining requires substantial computing power and energy. In countries with ample power supply, this may tempt some individuals to evade payments and engage in illegal mining.
This is not just a problem in Malaysia; many countries and regions around the world are facing the pressure brought on by Bitcoin mining. While for some newcomers, mining may be profitable, its impact on the power grid is enormous and could even affect the electricity supply for ordinary households.
However, the challenges of Bitcoin mining are global, and its immense demand for electricity not only threatens grid stability but may also affect every household's power supply. This challenge is closely related to each of our lives and cannot be ignored.
In summary, in the face of the growing pressure of Bitcoin mining on the power system, we urgently need to seek more environmentally friendly and efficient mining solutions aimed at promoting Bitcoin mining toward a greener and more sustainable future.
In this digital age, how to balance the demands of cryptocurrency mining and power supply is also a thought-provoking issue!
