Wednesday

Bitcoin

when

Million

<ul>
 <li>The government of Malaysia intends to put a halt to crypto miners’ power theft.</li>
 <li>Nasir made these remarks earlier on Wednesday when his ministry sold off confiscated items.</li>
</ul>
The government of <a href="https://thenewscrypto.com/malaysia-shuts-down-unregistered-crypto-exchange-huobi-global/" target="_blank" rel="noopener noreferrer nofollow">Malaysia</a> attributes the region’s exorbitant power bills on Bitcoin (<a href="https://thenewscrypto.com/is-germanys-bitcoin-sell-off-a-sign-of-market-shakeup/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) mining. According to Akmal Nasrullah Mohd Nasir, Malaysia’s Deputy Minister of Energy Transition and Water Transformation, the country’s power supply was depleted by cryptocurrency miners to the tune of $722 million (RM3.4 billion) from 2018 to 2023.
He made it clear that Bitcoin mining was bad for Malaysia and Tenaga Nasional Berhad (<a href="https://www.tnb.com.my/" target="_blank" rel="noopener noreferrer nofollow">TNB</a>). Nasir said that Bitcoin mining is on the rise, adding that this is due to the fact that miners believe their actions are anonymous.
<h3 class="wp-block-heading" id="h-halt-to-power-theft-by-miners">Halt to Power Theft by Miners</h3>
They think they can get away without installing meters, so that’s what these miners do most of the time. This is obviously not the case, since there are a variety of ways that energy supply firms might identify regions with unusually high or low energy use.
The government of Malaysia intends to put a halt to crypto miners’ power theft in order to achieve this goal. Nasir made it very apparent that the Ministry of Energy Transition and Water Transformation considers this a top priority. This is on the forefront of helping the nation cut its carbon footprint by increasing its use of renewable energy sources.
At the same time, the government has started to tighten down on illicit mining. Nasir made these remarks earlier on Wednesday when his ministry sold off confiscated items in Balakong that were associated with power theft and electrical equipment that did not have security certifications from the Energy Commission (ST).
There were 2,022 items confiscated in the disposal, including Bitcoin mining devices. All things considered, the overall value of the products was RM2.2 million, or around $468,000.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/ripple-transfers-150-million-xrp-worth-66-million-heres-where/" target="_blank" rel="noopener noreferrer nofollow">Ripple Transfers 150 Million XRP Worth $66 Million: Here’s Where</a>

Malaysia Plans Crackdown on Bitcoin Miners Amidst Illegal Mining Surge

Table of Contents

TheNewsCrypto

Other articles published on Jul 11, 2024

Web3 Gaming platform Saakuru hits 5M daily transactions

Ronaldinho Joins Messi In Promoting Solana-based Water Meme Coin

Inflation Fears Spook Crypto: Market Dives Before Key US Data

Is Character AI Safe and Easy to Use?

Goldman Sachs plans to launch tokenization products by the end of the year

BitMEX Pleads Guilty to Bank Secrecy Act Violations

Join our free newsletter for daily crypto updates!