Malaysia's TNB Reports Significant Losses Due to Illegal Cryptocurrency Mining

According to PANews, Malaysia's national electricity provider, Tenaga Nasional Berhad (TNB), reported losses of approximately $1.1 billion (around 4.6 billion ringgit) from illegal electricity use linked to cryptocurrency mining between 2020 and August of this year. Authorities have identified 13,827 locations suspected of electricity theft, involving tampering with meters and unauthorized connections, which are violations under the Electricity Supply Act. TNB has collaborated with police, communication regulators, and anti-corruption agencies to seize Bitcoin mining equipment and has established a database of property owners and tenants involved in these activities for monitoring and enforcement purposes. Additionally, smart meters have been deployed at distribution substations to detect real-time energy usage anomalies.