In Malaysia, illegal crypto mining operators stole $723 million worth of electricity between 2018 and 2023. This information was given by Deputy Minister of Energy and Water Akmal Nasrullah Mohd Nasir. Illegal mining operations not only harm state-owned energy operator Tenaga Nasional Berhad, but also local communities in the affected areas.
Electricity thieves often avoid registering with the appropriate authorities and find ways to bypass electricity meters or steal electricity from power lines. âCryptocurrency miners steal electricity because they believe this activity cannot be detected because there are no meters on their property,â Nasir said.
Cryptocurrency mining is not illegal in the country, but mining by stealing electricity is. In this regard, Malaysia's Universiti Teknologi MARA made a statement in December 2022.
Nasir stated that cracking down on illegal miners is a priority for his ministry, along with increasing Malaysia's renewable energy sources.
In May last year, the Malaysian Securities Commission ordered cryptocurrency exchange Huobi Global to cease operations for failing to register its trading services.
HATA Digital, Luno, SINEGY, MX Global, Tokenize Technology and Torum International are the only registered cryptocurrency trading platforms in Malaysia.
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