Malaysia Loses $1.1 Billion to Crypto Mining Electricity Theft

Malaysia’s national utility firm Tenaga Nasional Bhd (TNB) has lost more than $1.1 billion to illegal power usage by crypto miners between 2020 and August this year, according to the energy ministry. According to SCMP, the staggering financial damage stems from 13,827 premises caught illegally using electricity to mine cryptocurrency, primarily bitcoin, during this period. The energy and water transformation ministry revealed these findings in a parliamentary reply dated Tuesday, noting that TNB has been ...