Rm2 3 Billion Losses In Electricity Theft By Bitcoin Miners

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Despite frequent raids on business premises, bitcoin mining using stolen electricity is still going on in various parts of the country. (Bernama pic)KUALA LUMPUR: The government views electricity theft through illegal bitcoin mining activities seriously as it has recorded a 400% increase over the past four years.
This had resulted in an estimated loss of more than RM2.3 billion, said energy and natural resources minister Takiyuddin Hassan.
He said a total of 7,209 cases were detected over four years — 610 in 2018, 1,043 in 2019, 2,465 in 2020 and 3,091 in 2021.
“The increase in cases is a worrying trend as it affects not only the energy industry in terms of value, but also the stability of the electricity supply system and public safety,” he said in a statement today.
He said the extreme use of high-powered cryptocurrency mining machines, 24 hours non-stop, could cause short circuits due to the use of non-standard fuses and loads exceeding cable capacity, with the risk of fires.
Illegal connection or tampering with meter installations resulted in the reading on electricity meters no longer showing the actual electricity consumption.
This disrupted the stability of electricity supply as demand exceeded capacity, thus affecting other business activities and residents.
He said anyone found involved in power theft by tampering with the installations of Tenaga Nasional Berhad (TNB) could be fined up to RM1,000,000 or imprisonment of up to 10 years, or both, under the Electricity Supply Act 1990.
In addition, those who committed such offences could also be prosecuted for theft and mischief. “The owner of the premises and the person carrying out the activity can both be prosecuted under the provisions of the existing law,” he said.
The ministry welcomed the cooperation of various agencies, especially the police, Energy Commission, TNB and local authorities in combating these illegal activities.
He also urged members of the public who suspected or had information on power theft to contact the authorities for action to be taken. - FMT

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