Bitcoin mining farms closed in Kuantan region, Malaysia

Tenaga Nasional Berhad (TNB), Malaysia’s leading electricity supplier, has closed 33 Bitcoin mining farms in the Kuantan region. Authorities concluded that losses of more than $ 760,000 in illegally used electricity were recorded.

The Malay Mail news agency reported that the raids were organized after abnormal electricity consumption was noted in several locations.

In the footsteps of the miners

The general manager of the distribution network, Siti Sarah Johana Mohd, said that these Bitcoin mining farms have been operating for six months:

“TNB has gathered evidence that 23 sites were operating Bitcoin mining, while the other 10 sites were aware of our inspection and destroyed the evidence.”

The mining equipment had been connected to the mains without going through the meters, so the energy consumed was not billed.

“For example, only 219 Malaysian ringgit ($ 52) was billed, while 108,000 Malaysian ringgit ($ 25,674) per month should have been billed for the electricity consumed,”

Mohd explained.

Technology appreciated by Malaysia

Overall, Malaysian authorities have begun to have a slightly more open attitude towards blockchain technology. Although Bitcoin and other cryptocurrencies are considered securities / securities, they can be traded and mined without restrictions.

According to Finance Minister Lim Guan Eng, the Malaysian government believes that the potential of cryptocurrencies and blockchain can improve a number of sectors of its economy:

“The Ministry of Finance considers digital assets, as well as its adjacent technologies, as having the potential to generate innovation in both existing and new industries. In particular, we believe that digital assets play an important role as an alternative fundraiser for entrepreneurs and an alternative class of assets for investors. “