As a researcher with a background in energy policy and a personal experience of living in Malaysia, I find the issue of electricity theft for cryptocurrency mining quite alarming. The reported loss of RM3.4 billion ($723 million) from 2018 to 2023 is an enormous amount that could have been invested in expanding Malaysia’s renewable energy sector or improving the national power grid infrastructure.
Malaysia’s Deputy Energy Transition Minister Akmal Nasrullah Mohd Nasir revealed that Malaysia suffered a significant loss of around RM3.4 billion ($723 million) between 2018 and 2023 due mainly to electricity being stolen for cryptocurrency mining activities.
Theft presents a substantial issue for the nation’s energy sector, affecting both the major power supplier Tenaga Nasional Berhad (TNB) and individual electricity users.
The Malaysian authorities are making significant efforts to expand their capabilities in sustainable and renewable energy sources. By pursuing this two-pronged strategy, they hope to enhance energy security and offset substantial financial losses caused by illegal mining operations.
As a researcher, I’ve come across information where Akmal Nasrullah highlighted that the act of cryptocurrency mining itself is lawful. However, using electricity without authorization to carry out these activities is considered illicit. Malaysian energy officials have taken steps to keep tabs on significant power consumption and have carried out multiple raids since 2019. These actions led to several arrests.
As an analyst, I would rephrase that as follows: Our government is eager to implement an energy transition agenda in order to tap into new energy sources. However, in the same period, our country has seen electrical blackouts causing hundreds of thousands, even reaching billions of dollars annually. The irony is profound.
— Akmal Nasir (@akmalnasir) July 10, 2024
At a recent gathering in Balakong, Akmal Nasrullah emphasized the robust actions taken by the government to curb illegal activities. Approximately 865 investigations have been carried out by energy companies regarding electricity theft allegations. Over 2,000 contraband items, including Bitcoin mining machines and unauthorized electrical equipment, were confiscated with an estimated worth of approximately RM2.2 million ($467,000). In compliance with the law and environmental regulations, these seized items were properly disposed of.
As an analyst, I’ve been following the latest news regarding Malaysia’s Inland Revenue Board (IRB) and their collaborative effort with law enforcement and cybersecurity experts. In a significant move to tackle tax evasion among cryptocurrency traders, they initiated ‘Ops Token’. This operation resulted in ten raids in the Klang Valley region, where sizeable sums of unreported profits were seized.
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2024-07-11 06:44