Malaysian Bitcoin Mining Syndicated Busted, believe to stole millions worth of electricity

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According to reports, 7 men were recently arrested for stealing electricity to mine Bitcoin in the southern state of Malaysia, Johor. The operation was carried out by the Johor Police Department together with national electricity company TNB (Tenaga Nasional Berhad).

Millions worth lost

Bitcoin mining is not a new thing. In fact, it has been a hot issue in the last few years with observers believing that it has passed its prime. However, that did not stop investors from continuing this exercise. The requirements can be quite high considering that one needs to run high-powered computers around the clock with very limited output (Bitcoins). This is why such operations are usually run and managed by large syndicates or groups. The largest Bitcoin mining communities are currently in China.

Syndicate-run operations

The suspects arrested were between 24 and 64 years of age and the projected loss of income for TNB was RM8.6 million. It is believed that the mining activities started in 2020. During the arrest, 1,746 machines were seized. The equipment is said to be worth about RM2.6 million. They were operated across 21 different premises and have been going on in the public eye without much detection. This is because they operate on the top floor of a shophouse. Stealing electricity is a common action done by Bitcoin miners who look for ways to reduce their overheads since they need to run many machines all the time. The mastermind of the syndicate is still at large with police investigations still ongoing.

 

 

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