In brief
Tenaga Nasional Berhad (TNB), Malaysia’s national electrical provider, has disclosed losses resulting from illicit Bitcoin mining activities of approximately 440 million ringgit, or $101 million. According to Malaysia’s Criminal Investigation Department, TNB’s financial soundness has weakened significantly in recent years as a result of the ongoing fraud.
The Impact of Illicit Crypto Mining on the EconomySince 2020
TNB has lost a lot of money due to the illegal usage of electricity for Bitcoin mining; in 2023 alone, the firm lost 103 million ringgit. Losses started out at 5.9 million ringgit in 2020 but rapidly increased, reaching a high of 140.4 million ringgit in 2021 and continuing to do so until 2023.
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Rising Cost of Bitcoin Mining in Malaysia
In July, TNB highlighted that losses from unauthorized Bitcoin mining between 2018 and 2023 surpassed $755 million. Malaysia’s Deputy Minister of Energy Transition, Akmal Nasir, noted that although crypto mining represents a small fraction of total energy usage, it has a significant economic impact on TNB and the nation.
Seizures and Enforcement Actions
Authorities have seized around $500,000 worth of equipment linked to illegal Bitcoin mining and are investigating tax evasion using digital assets. TNB’s Criminal Investigation Department is looking into the causes of the increase in losses in prior years, especially in 2022 and 2023, in an attempt to remedy the ongoing issue.