Malaysian Minister: $722 Million Power Theft Linked to Crypto Miners

Odaily2024/07/10 14:36

By:Odaily

Odaily News Illegal cryptocurrency miners in Malaysia stole $722 million worth of electricity between 2018 and 2023, according to the country’s deputy minister of energy transformation and water transformation. Akmal Nasrullah Mohd Nasir revealed the figure at an event to handle 2,022 seized items, including Bitcoin mining equipment, according to Malay Mail. Crypto miners steal electricity because they believe that this behavior cannot be detected since their premises do not have meters, Akmal Nasrullah said. Energy supply companies have various methods to detect abnormal energy consumption in an area, he added.

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Share link:In this post: Grayscale Ethereum Trust experienced historic volatility as investors withdrew over $1.5 billion from the ETF. Data reveals that July 26 was particularly volatile for all ETFs, experiencing $356 million in outflows. Analysts speculate that a continued trend in the outflows could lead to Grayscale’s ETHE depletion of Ether in a few months.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information

Cryptopolitan•2024/07/27 22:34