A new parliamentary tally shows power theft tied to crypto mining accelerating sharply since May’s warnings of rising illicit activity.Read more: https://t.co/THgpugr8jc ...

Core Insights - Malaysia's national utility firm Tenaga Nasional Bhd (TNB) has incurred losses exceeding $1.1 billion due to illegal power usage by crypto miners from 2020 to August 2023 [1][2] - A total of 13,827 premises were identified as illegally using electricity for cryptocurrency mining, primarily bitcoin [1][2] Enforcement and Response - TNB is collaborating with various enforcement agencies to combat electricity theft, which involves tampering with electricity meters or bypassing connections, violating the Electricity Supply Act [2][4] - A comprehensive database has been established by TNB to track owners and tenants at premises suspected of electricity theft related to bitcoin mining, aiding in operational inspections [3][4] - Joint operations with the Energy Commission, police, and other agencies have led to the seizure of bitcoin mining machines and the shutdown of numerous illegal setups, ensuring the stability of the power grid [4] Technological Enhancements - TNB is implementing smart meters at electricity distribution substations to monitor energy usage and detect manipulation in real time [4] - The company has proposed the use of artificial intelligence and predictive analytics to enhance detection capabilities by analyzing consumption patterns for suspicious energy usage [5] Trends in Power Theft - Power theft linked to illegal crypto mining has surged by 300% from 2018 to 2024, with detected cases increasing from 610 to 2,397 [6] - The average number of crypto-related electricity thefts is projected to be 2,303 per year from 2020 to 2024, with TNB receiving approximately 1,699 complaints related to crypto thefts between January 2020 and December 2024 [6][7] - Increased public awareness has contributed to the rise in complaints regarding illicit crypto mining activities [7]

Data Centers, Crypto Mining To Push Electricity Costs Higher In 2026 https://t.co/NjBh4qhgjx ...

Core Insights - Crypto mining stocks have significantly outperformed the broader stock market in 2023 as many companies in the sector shift their focus towards artificial intelligence [1] Group 1 - The pivot towards artificial intelligence by crypto mining companies has contributed to their strong performance in the stock market [1] - This trend indicates a strategic diversification within the industry, leveraging existing infrastructure for new technological advancements [1] - The overall market dynamics suggest a growing intersection between cryptocurrency mining and AI technologies [1]

American Bitcoin Corp. (ABTC) launched on the Nasdaq this past September, headed by brothers Eric and Donald Trump, Jr., with the company aiming to continue to add bitcoin (BTC-USD) to its balance sheet through crypto mining operations American Bitcoin co-founder and chief strategy officer Eric Trump and executive chairman Asher Genoot — who is also the CEO of bitcoin miner Hut 8 Corp. — speak with Yahoo Finance executive editor Brian Sozzi about the transformative power of the asset class, Genoot's mining ...

Global Crypto Mining News in October: Canaan secured its largest miner order in 3 years, Pavel Durov launched a GPU-powered AI network on TON, Bitdeer tripled its self-mining capacity. While new mining regulations emerged in New York and Canada, including tax proposals and energy usage restrictions, etc.https://t.co/AW7kbtSsp2 ...

Greenidge stock jumps 30% after New York settles air-permit battle over crypto mining operation https://t.co/zw1vMpgxzp ...

COMMENT: Reports say illegal miners drain over 1,400 megawatts of power nonstop — enough to supply millions of homes.BSCN (@BSCNews):OVER 95% OF CRYPTO MINING MACHINES IN IRAN ARE ILLEGAL - REPORT- Officials estimate that over 95% of Iran’s 427,000 active mining rigs are running without government approval, according to Wanaen.- Akbar Hasan Beklou, CEO of Tehran Province Electricity Distribution Company, https://t.co/RNVkdNqiS5 ...

Core Insights - Chuck Hastings, a director at Applied Digital Corporation, sold 75,000 shares of the company in multiple transactions, totaling approximately $2.6 million [1][11] - The sale represents 15% of Hastings' direct ownership prior to the transactions, reducing his stake significantly [3][11] - The company's stock has experienced a remarkable increase of 412.7% over the past year, reflecting strong investor interest in AI infrastructure [6][12] Transaction Summary - Total shares sold: 75,000 [2] - Total transaction value: $2.6 million [2] - Remaining shares post-transaction: 426,612 [2] - Remaining direct ownership value: approximately $14.8 million [2][5] Recent Trading Activity - Hastings has sold a total of 205,000 shares since August, including previous sales of 30,000 and 100,000 shares [4][11] - The weighted average price for the recent sale was approximately $35.22, while the stock closed at $34.66 on the last trading day [6][12] Company Overview - Applied Digital Corporation operates in the digital infrastructure market, focusing on high-performance computing and AI workloads [9] - The company provides data center hosting and GPU-based cloud services, generating revenue from crypto mining infrastructure and AI computing solutions [9][12] - As of the last market close, the company's market capitalization was $9.7 billion, with a revenue of $144.2 million over the trailing twelve months [7][12]

The UAE-based telecom giant du has launched its “Cloud Miner,” a mining-as-a-service platform, which will take care of hardware, electricity, and maintenance for its customers. According to a report by The National, du’s Cloud Miner allows UAE residents to subscribe to crypto-mining capacity instead of buying hardware. This lowers the barrier for everyday users to participate in crypto mining. Per the report, the Cloud Miner subscribers will be offered multiple plans, starting at 250 terahashes per secon ...