Malaysia's national electricity provider, Tenaga Nasional Berhad (TNB), has reported losses of over $101 million due to electricity theft linked to illegal Bitcoin mining activities. The losses have significantly impacted TNB's finances, with 2023 alone seeing a loss of $23.9 million. The losses from crypto mining have been increasing over the years, with TNB recording losses of $1.4 million in 2020, $32.9 million in 2021, $29.3 million in 2022, and $15.6 million in 2023. TNB previously reported losses of over $755 million due to illicit Bitcoin mining activities from 2018 to 2023. The Malaysian government has acknowledged that while crypto mining accounts for a small portion of total energy consumption, it has a significant financial impact on the country. Authorities have seized electrical items worth $500,000 linked to illegal mining operations and have launched a crackdown on tax evasion involving digital assets.
- Content Editor ( crypto.news )
- 2024-10-25
Illegal Bitcoin mining costs Malaysian electricity company over $100m