Bitcoin Miners in Malaysia Accused of $724 Million Electricity Theft

Between 2018 and 2023, cryptocurrency miners in Malaysia allegedly stole electricity worth 3.4 billion ringgit (~$724.9 million), according to a report by Malay Mail, citing a representative from the Ministry of Energy.

Deputy Minister for Energy Transition Akmal Nasir stated that such activities have been expanding recently, causing harm to the country as a whole.

“The theft of electricity by cryptocurrency miners is linked to their belief that their activities cannot be detected due to the lack of local accounting. However, energy companies have various methods to identify unusual consumption,” the official said.

During the event, he showcased to journalists the seized equipment related to electricity theft. In total, 2022 items were confiscated, including Bitcoin miners and uncertified energy devices, valued at 2.2 million ringgit (~$470,000).

According to current legislation, all devices will be disposed of, the deputy minister added.

He noted that combating electricity theft is a priority for the department, alongside increasing “green” generation from renewable sources.

In 2021, Malaysian authorities confiscated mining equipment valued at $13 million. One batch of devices destroyed following raids included 1069 Bitcoin miners worth $1.25 million.