33 Illegal Bitcoin Mining Farms Are Raided By Malaysian Authorities
No crypto mining is more profitable than the one made with electricity you didn’t pay for. Recently, Malaysian authorities raided the crypto mining farms of people who believed that they would be able to get high profits by stealing electric energy.
A major electric company called Tenaga Nasional lost $760,736 USD due to illegal mining. The general manager of the electricity company, Siti Sarah Johana Mohd, affirmed that the operation was underway for six months before it was discovered.
According to him, the operation worked by using tools in order to modify the amount of electricity that was actually shown on the meter. For instance, one of the places had a bill of $25,674 USD one month and paid under $200 USD by tampering with the meters.
During the raids, 10 of the 33 machines were found already disconnected. The police believe that were disconnected in order to hide evidence from crimes from the authorities.
There are no reports about how much profit the energy thieves were able to gather before the authorities showed up, but their profits were likely over $1 million USD considering that they stole $760,736 USD worth of electricity.
Cases of people stealing electricity in order to mine Bitcoin are rare, but not uncommon. In several countries, electric companies see discrepancies in energy spent in some places, only to find out that people were using it to mine cryptos.