In today's digital age, cryptocurrencies such as Bitcoin have set off an investment boom around the world. However, just like the two sides of a coin, Bitcoin mining has also caused a series of controversies and problems. Recently, the Malaysian Electricity Company raided 33 illegal Bitcoin mines, which aroused widespread attention from all walks of life. This incident not only revealed the dark side of Bitcoin mining, but also highlighted the determination of the power company to maintain the order of the industry. Next, let's take a deep look at the background, impact and enlightenment of this incident.

The background of this action by the Malaysian Electricity Company is complex and thought-provoking. As the price of Bitcoin continues to rise, more and more people are engaged in Bitcoin mining. However, some lawless elements took advantage of this opportunity to build illegal mines, misappropriated a large amount of electricity resources, and caused a serious impact on the normal power supply. It is reported that the 33 raided illegal Bitcoin mines are wide-ranging and spread all over Malaysia. Their scale is staggering. The existence of these mines not only damages the interests of legal miners, but also threatens the stability of local electricity.

For power companies, cracking down on illegal Bitcoin mines is an important measure to maintain industry order and protect the rights and interests of normal users. Power companies not only need to ensure sufficient power supply to meet the needs of the majority of users, but also need to guard against various potential power waste behaviors. Through the raid on these 33 illegal mines, the power company sent a clear signal to the society: any illegal and disorderly behavior will be severely cracked down. This zero-tolerance attitude helps to maintain the normal order of the entire power industry and provide users with a safer and more stable power environment.

This incident has brought us profound enlightenment. First, the development of Bitcoin mining needs to be carried out within the framework of legality and compliance. Investors and miners should abide by relevant laws and regulations and must not seek personal interests at the expense of the public interest. Secondly, regulatory authorities and related companies need to strengthen cooperation and form a joint force to crack down on illegal mines. Only through multi-party cooperation can the healthy development of the entire industry be effectively maintained. Finally, the majority of users should also enhance their self-protection awareness and be vigilant about the risks and impacts that illegal mines may bring.

In general, the raid on 33 illegal Bitcoin mines by the Malaysian Electricity Company has triggered a deep reflection on the development of Bitcoin mining in the society. This incident not only reveals the problems and hidden dangers of Bitcoin mining, but also shows the determination and ability of power companies to maintain industry order. It is hoped that in future development, Bitcoin mining will be able to develop healthily within a legal and compliant framework and make positive contributions to the stability and sustainable development of the social economy.

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Malaysian authorities raided Bitcoin mining operations after discovering that miners were stealing electricity, which allegedly cost the power company 3.2 million Malaysian ringgit ($760,736).

33 premises illegally mining Bitcoin

Major Malaysian power company Tenaga Nasional
Bhd (TNB) has fallen victim to illegal cryptocurrency mining, suffering losses of $760,736, local media outlet The Malay Mail reported on August 7. After uncovering the wrongdoing, the company raided 33 properties near Kuantan, the capital of Pahang state.

Distribution network general manager Siti Sarah Johana Mohd said the premises had been mining Bitcoin for six months:

“TNB collected evidence that 23 premises were conducting Bitcoin mining activities, while the other 10 premises had foreknowledge of our raids and destroyed the evidence.”

The mining equipment draws power directly from the distribution board at the meter. Mohd explained, “The metered 3 amps can only be used for one lamp and one exhaust fan. They only paid a bill of 219 Malaysian ringgit ($52), while they should have paid 108,000 Malaysian ringgit ($25,674) per month for the unmetered 1,500 amps.”

GOVERNMENT’S POSITIVE APPROACH

While Malaysian and blockchain-based companies have faced some testing times following regulatory changes in the country, the Malaysian government has expressed a positive outlook on cryptocurrencies and blockchain technology, despite classifying all cryptocurrencies as securities.

According to Finance Minister Lim Guan Eng, the Malaysian government believes that cryptocurrencies and blockchain can improve its economy in many ways:

“The Ministry of Finance believes that digital assets and their underlying blockchain technology have the potential to enable innovation in both new and old industries. In particular, we believe that digital assets can serve as an alternative fundraising channel for entrepreneurs and new businesses, as well as an alternative asset class for investors.”

Meanwhile, Malaysia also allows Bitcoin mining and trading without any restrictions. However, the Malaysian central bank issued a statement saying that Bitcoin is not considered legal tender and Bitcoin users are not adequately protected from fraudulent schemes and operational risks.