#Bitcoin Mining Malaysia

[head-post]

Thailand police raid illegal bitcoin mining, two suspects charged

Thai authorities have dismantled nine illegal bitcoin mining businesses and charged two suspects with stealing more than $280,000 worth of electricity, police said on Wednesday.

The investigation began after a resident noticed several CCTV cameras installed in an apparently empty house in the southern province of Surat Thani, said police officer Pongsak Meemusik, who led the operation.

The Central Bureau of Investigation, together with the provincial electricity department, raided the house last week and found it being used as an illegal bitcoin mining site. Two suspects, both in their 30s, were arrested on theft charges.

Mr. Pongsak told AFP that modified electricity meters were used to steal more than 10 million baht ($287,000 US) worth of electricity. Further investigation led police to discover eight other homes in the province with similar installations.

This is the fifth raid against illegal cryptocurrency mining activities in the province since the beginning of the year.

In Thailand, bitcoin miners are considered producers and must pay the appropriate taxes, while the scale of illegal operations in the sphere has been growing for years.

In August, law enforcers in Malaysia arrested seven people for mining bitcoin using stolen electricity. They were also seized property worth about $57,000. In July, the country’s authorities reported that cryptocurrency miners had stolen $725 million worth of electricity over five years.

Read more HERE

[bitcoinversus]

Malaysian Authorities Crush Illegal Bitcoin Miners in Power Theft Crackdown

Malaysian authorities are combating electricity theft by illegal #bitcoin mining operations.

Malaysian police recently crushed 985 bitcoin mining machines using a steamroller. Deputy Energy Transition and Water Transformation Minister of Malaysia, Akmal Nasrullah Mohd Nasir, revealed that since 2018, bitcoin miners in Malaysia have stolen nearly RM3.4 billion (approximately $777 million) worth of electricity. The crackdown reflects ongoing efforts by Malaysian authorities to tackle the…

[criptox]

"Significant Economic Impact of Illegal Bitcoin Mining in Malaysia"

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Illegal Bitcoin Mining in Malaysia: A Closer Look

In recent years, the rise of Bitcoin and other cryptocurrencies has led to a boom in mining operations worldwide. However, not all mining practices are legal. In Malaysia, illegal Bitcoin mining has become a significant issue, sparking concerns about electricity theft, environmental impact, and law enforcement efforts.

What is Illegal Bitcoin Mining?

Illegal Bitcoin mining refers to the unauthorized use of electricity to run mining operations. In Malaysia, this usually involves individuals or groups setting up mining rigs without the proper permits or, in some cases, stealing electricity from local grids. The surge in Bitcoin's popularity has encouraged many to enter the mining space, sometimes leading to reckless choices that break the law.

Why is Illegal Mining a Problem?

The ramifications of illegal Bitcoin mining are far-reaching. Firstly, it causes significant financial losses to local electric utilities. According to reports, stolen electricity can amount to millions of dollars, posing a strain on resources. Furthermore, it can lead to power outages and increased rates for law-abiding citizens.

Environmental Impact: Illegal mining operations are often unregulated, contributing to an environmental crisis as they can generate excessive heat and waste.

Increased Crime: The rise of illegal operations often correlates with other criminal activities. Reports show that many of these mining sites become hubs for organized crime.

Regulatory Issues: Lack of regulation means miners may not adhere to safety protocols, leading to dangerous working conditions.

What are Authorities Doing?

Malaysian authorities have taken steps to combat illegal Bitcoin mining, launching operations to raid suspected locations. In one instance, police discovered a large-scale operation where miners had been siphoning off electricity. This prompted a crackdown on the connections drawn to local grids, resulting in multiple arrests.

Furthermore, the Malaysian government has been actively working on legislation to regulate cryptocurrency and improve oversight. Officials are pushing for better guidelines to ascertain the legality of mining operations, hoping to balance the potential economic benefits of cryptocurrency with the need for responsible practices.

The Future of Cryptocurrency Mining in Malaysia

Despite the challenges, the future of cryptocurrency in Malaysia remains bright. As regulators move towards clear frameworks, there may well be room for legitimate mining operations to thrive. For instance, adopting renewable energy sources could not only make mining more sustainable but also alleviate the pressure on electrical grid networks.

A Conclusion: The Path Forward

Illegal Bitcoin mining poses a myriad of issues for Malaysia, from economic losses to environmental degradation. The task ahead is to establish a healthy, regulated mining environment that benefits both the economy and society as a whole. With growing awareness and regulatory efforts, Malaysia can pave the way for a brighter and more responsible future in cryptocurrency.

``` "Significant Economic Impact of Illegal Bitcoin Mining in Malaysia"

[coinxpense]

Malaysian Authorities Destroy 900+ Bitcoin Mining Rigs in Power Theft Crackdown

Malaysia destroyed 985 bitcoin mining rigs worth $452,500 as part of a power theft crackdown, using a steamroller to crush them. As part of its ongoing efforts to combat power theft associated with bitcoin mining activities, Malaysian authorities have incinerated 985 bitcoin mining machines, which were valued at approximately 1.98 million Malaysian ringgits ($452,500), according to local…

[bitcoincables]

Bitcoin Mining and Renewable Energy: A Promising Transition

The global popularity of Bitcoin (BTC) has raised concerns about its environmental impact. The Bitcoin network currently consumes 147.3 terawatt-hours per year, on par with countries like Ukraine, Malaysia, and Poland. However, the Bitcoin mining industry has been actively transitioning towards sustainable energy sources. As of January 2024, Bitcoin mining sustainable energy usage reached a new all-time high of 54.5%. This shift towards clean energy not only benefits the environment but also presents revenue opportunities for the green energy sector. A study from Cornell University suggests that Bitcoin mining operations can be strategically located to reduce the environmental footprint and generate revenue for renewable energy projects.

Bitcoin mining can also help optimize the use of renewable energy by providing a flexible customer for wind and solar energy installations. Additionally, Bitcoin mining enables renewable utilities to take advantage of arbitrage opportunities between electricity and Bitcoin prices. By considering both the energy consumption and the potential benefits of Bitcoin mining, it becomes evident that Bitcoin can contribute to the transition towards renewable energy and improve global climate conditions.

In conclusion, as Bitcoin's popularity continues to grow, the industry is actively working towards reducing its environmental impact by shifting towards sustainable energy sources. Bitcoin mining operations can be strategically located to benefit both the environment and the renewable energy sector. By considering the potential benefits along with the energy consumption, Bitcoin mining emerges as a valuable player in the transition to renewable energy and a contributor to improving global climate conditions.

Read the full article here.

[ailtrahq]

Bitmain, a crypto chipset manufacturer, has initiated a campus recruitment program to discover new talent. In an update on Sep. 4, Bitmain outlined their specific interest in recruiting PhD candidates talented in thermal energy, machinery, electrical engineering, materials science, and related fields as part of this initiative. Bitmain is seeking 24 graduates, both from home and abroad, with at least a master’s degree. In return, they offer free dormitory accommodation for three years or discounted rent. This recruitment drive isn’t limited to China; it also covers Singapore, Malaysia, and the United States. This update follows Bitmain’s announcement on June 21 that it, along with the crypto platform Anchorage Digital, would acquire equity in Core Scientific, then the second-largest publicly listed Bitcoin miner. Core Scientific had filed for bankruptcy due to declining revenue and falling Bitcoin prices. However, it’s worth noting that the status of this plan is still pending, and there have been no new updates to report as of now. At the same time, the company also shared its hosting of World Digital Mining Summit 2023 (WDMS 2023) in Hong Kong from Sept. 22 to 23, 2023, with the theme of “mining for the next bull market.” [embed]https://www.youtube.com/watch?v=FHHlfX-APxk[/embed] Source

[thesecrettimes]

Crypto Mining Crackdown in Malaysia: Sarawak Police and Energy Plant Dismantle Illegal Mining Operation

Malaysia’s Sarawak Energy and Police Uncover Illegal Crypto Mining Camp in Miri The state utility company, Sarawak Energy, and the local police department announced the dismantling of an alleged unauthorized crypto mining camp set up in Miri, Sarawak, Malaysia. Authorities captured roughly 34 application-specific integrated circuit (ASIC) miners and their associated connections. “All the equipment used for the mining operation, including the direct tapping cables and servers, were seized. A police report has been lodged and an investigation is currently underway,” Sarawak Energy stated. Compared to other global regions, electricity rates in Malaysia are relatively low. As such, Sarawak Energy reported a surge in electricity theft incidents over the last few years. This specific case is estimated to have cost the energy plant RM6,000 per month ($1,317). “Electricity theft is a serious offence under Section 33(5) of the Electricity Ordinance, which carries a penalty of up to RM100,000 and/or five years’ jail if found guilty,” warned Sarawak Energy. Recently, Malaysian officials cracked down on three additional power theft schemes connected to crypto mines in Senadin. Allegedly, 137 ASIC devices were seized from these sites while law enforcement continues their investigation. In February 2021, Malaysian authorities apprehended seven individuals for pilfering $2.15 million worth of electricity to mine Bitcoin. In July 2021, Malaysian officials demolished over $1.2 million in Bitcoin mining equipment after confiscating them for illegal operation. That same month, officials in Miri City, Sarawak seized 1,069 rigs from miners accused of stealing electricity for their operations. A report released on July 27 indicates that Sarawak Energy possesses the necessary tools and meter inspection teams to detect such thefts, including underground direct tapping and tampered meters. The report detailed that the energy company further noted that it also relies on public tips and encourages locals to continue reporting any suspicious activity to the Sarawak Energy customer care center. What do you think about the mining operation bust in Miri? Share your thoughts and opinions about this subject in the comments section below. Read the full article

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[kara-patili-kedi]

" https://www.youtube.com/watch?v=YJTHEStz2E8 Bitcoin Miining estimation using Mining Calculator For Bitcoin Mining Malaysia. When the bitcoin miner manufacturer, Bitmain, first released its latest S15 antminer in Quarter4 of last year, it quickly went out of stock soon after it was sold for the first time. " https://bestofthetubesview.blogspot.com/2019/03/bitcoin-mining-malaysia.html

[sweetreena]

I found this https://www.youtube.com/watch?v=YJTHEStz2E8 Bitcoin Miining estimation using Mining Calculator For Bitcoin Mining Malaysia. When the bitcoin miner manufacturer, Bitmain, first released its latest S15 antminer in Quarter4 of last year, it quickly went out of stock soon after it was sold for the first time. from https://syndicator.myimplace.com/bitcoin-mining-malaysia-2/ right here: https://videomegathebest.blogspot.com/2019/03/bitcoin-mining-malaysia_30.html

[uberclanger]

https://www.youtube.com/watch?v=YJTHEStz2E8 Bitcoin Miining estimation using Mining Calculator For Bitcoin Mining Malaysia. When the bitcoin miner manufacturer, Bitmain, first released its latest S15 antminer in Quarter4 of last year, it quickly went out of stock soon after it was sold for the first time. Bitcoin Mining Malaysia via https://syndicator.myimplace.com/bitcoin-mining-malaysia-2/ approved by https://www.google.com

[cryptomusksite]

Malaysia Seizes 1,720 Bitcoin Mining Machines in Electricity Theft Crackdown

[bitcoincables]

Indonesian Authorities Crack Down on Bitcoin Miners Stealing Electricity

Indonesian authorities have conducted raids on ten locations suspected of illicitly mining bitcoin using stolen electricity from the national grid. Although Indonesia is witnessing a growing interest in cryptocurrencies, it is not widely recognized as a mining hub. In Indonesia, electricity theft is considered a criminal offense that can result in a prison term of up to five years or a fine up to twice the value of the unpaid electricity. While neighboring Malaysia has previously made arrests related to electricity theft by crypto miners, this is among the first reported instances of such activities in Indonesia.

During the raids in Medan, the capital city of North Sumatra, authorities discovered 1,314 bitcoin rigs, and 26 individuals were apprehended. The suspects had been tapping into the utility poles of state-owned electricity company PLN over the course of six months, resulting in losses estimated at around 14.4 billion Indonesian rupees ($100,000) for the company. Although this may seem like a relatively small figure, it is equivalent to the monthly bill of approximately 7,500 Indonesian households. PLN has expressed its intention to cooperate with authorities on similar cases in the future.

This crackdown by the Indonesian authorities highlights the growing concern over electricity theft by crypto miners and the potential impact on the national grid. As the popularity and profitability of cryptocurrency mining continue to rise, it is crucial for authorities to address these illegal activities to protect both the integrity of the national grid and the nation's energy resources.

Read the original article

[thepause]

WazirX Faces Government Heat | The Daily Forkast

WazirX Faces Government Heat | The Daily Forkast

Malaysian police nab members and machines of a Bitcoin mining syndicate. India’s WazirX is being investigated over crypto transactions amounting to over US$380 million. More on those stories and other news shaping the cryptocurrency and blockchain world in this episode of "The Daily Forkast." #cryptocurrency #digitalfinance #finance #bitcoin #crypto Subscribe to CoinDesk on…

[kara-patili-kedi]

" https://www.youtube.com/watch?v=YJTHEStz2E8 " https://viewthebesttubes.blogspot.com/2019/03/bitcoin-mining-malaysia.html