Malaysia's electricity company raids 33 illegal Bitcoin mines

Malaysian authorities have raided a Bitcoin mining operation after discovering that the miners were stealing electricity, allegedly causing the power company to lose 3.2 million Malaysian ringgit ($760,736).
33 premises illegally mining Bitcoin <br />Major Malaysian power company Tenaga Nasional Bhd (TNB) has fallen victim to illegal cryptocurrency mining, suffering losses of $760,736, local media outlet The Malay Mail reported on Aug. 7. After uncovering the wrongdoing, the company raided 33 properties around Kuantan, the capital of Pahang state.
Siti Sarah Johana Mohd, general manager of the distribution network, said the sites have been mining bitcoin for six months:
“TNB collected evidence that bitcoin mining activities were being carried out at 23 premises, while the other 10 premises had foreknowledge of our raids and destroyed the evidence.”
The mining equipment draws power directly from the distribution board on the meter. Mohd explained, “The metered 3 amps can only be used for one light and an exhaust fan. They only paid a bill of 219 Malaysian ringgit (52 US dollars), while they should have paid 108,000 Malaysian ringgit (25,674 US dollars) per month for the unmetered 1,500 amps.”

Government’s Positive Attitude <br />While cryptocurrency exchanges and blockchain-based companies in Malaysia have faced some testing times following regulatory changes in the country, the Malaysian government has expressed a positive outlook on cryptocurrencies and blockchain technology, despite having classified all cryptocurrencies as securities.
According to Finance Minister Lim Guan Eng, the Malaysian government believes that cryptocurrency and blockchain can improve its economy in many ways:
“Treasury believes that digital assets and their underlying blockchain technology have the potential to enable innovation in both new and old industries. In particular, we believe digital assets can serve as an alternative fundraising channel for entrepreneurs and new businesses, as well as an alternative asset class for investors.”
Meanwhile, Malaysia also allows Bitcoin mining and trading without any restrictions. However, the Malaysian central bank issued a statement saying that Bitcoin is not considered legal tender and Bitcoin users are not adequately protected from fraudulent schemes and operational risks.

Source: cointelegraph