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Malaysian Crypto Miners Stole $723M Worth of Electricity Since 2018

Illegal crypto mining operations in Malaysia have stolen a staggering $723 million worth of electricity between 2018 and 2023, according to the country's Deputy Minister of Energy Transition and Water Transformation. The minister revealed this information during an event where over 2,000 seized mining machines and equipment were disposed of.

The illegal miners bypassed electricity meters and diverted power from lines, causing harm to both the state-controlled power operator and locals in affected areas. Despite cryptocurrency mining being legal in Malaysia, stealing electricity to mine is illegal and has led to numerous seizures and raids by Malaysian officials since 2019.

Efforts to curb illegal mining and increase renewable energy sources are ongoing priorities for the ministry. Additionally, unregistered cryptocurrency exchanges are also being targeted, with only six exchanges currently registered in Malaysia.

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