Malaysian authorities have reported that approximately 14,000 illegal Bitcoin mining rigs have been illicitly drawing electricity from the national grid since 2020, resulting in losses estimated at around $1.1 billion. In response to this serious issue, the government has established a special aerial and ground task force dedicated to shutting down these rigs and curbing the illegal activity. Bitcoin mining involves solving complex mathematical problems using computer hardware, a process that consumes substantial amounts of electricity. These unauthorized mining operations have not only depleted national resources but have also disrupted electricity supply in Malaysia. Typically set up in areas with weak power monitoring, these rigs were connected illegally to the electricity network. The government’s identification and stringent action aim to prevent electricity wastage and promote transparency in the cryptocurrency market. Malaysia’s initiative aligns with global efforts to address the environmental and economic impacts of cryptocurrency mining, as other countries also strive to control illegal and energy-intensive mining operations. The task force will use aerial surveillance to locate the rigs, while ground teams will ensure their closure and enforce legal proceedings. This measure is expected to reduce electricity theft and support legitimate mining operations. The development may also influence Malaysia’s cryptocurrency industry, particularly companies conducting mining legally, as electricity usage and monitoring will become more stringent, ultimately yielding economic and environmental benefits.
Source: coindesk
