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Malaysian authorities destroy more than 1,000 crypto rigs

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TL;DR Breakdown

• Crypto rigs stole more than $21.3 million worth of electricity.
• Ukraine also denounces energy theft between BTC mining rigs in the country.

The Malaysian authorities destroyed more than a thousand crypto rigs after being seized in 2020. At the beginning of the year, these police raids against the crypto market were still present. All hardware used by the companies managing the platforms was destroyed.

The tough fight between Malaysian authorities and cryptocurrencies sparked an arduous investigation against crypto mining. The most extensive crypto mining activities in the country were carried out in Sarawak, but that ended after some complaints. The electricity company that runs the province blamed cryptocurrency rigs for stealing energy.

Theft from crypto miners in Sarawak

crypto rigs

Among the accusations brought against the Sarawak crypto miners is the robbery of $2 million worth of electricity. This power was allegedly stolen from the city’s leading power company on the east coast. The policemen clarify this investigation was extended by four areas where six suspects were arrested.

The defendants were aged 24 and 64, respectively, reportedly undertook crypto mining. But the police captain believes that crypto rigs dedicated to mining have gotten out of control. Fires have even occurred due to the mining equipment that needs heavy electricity.

The country’s authorities estimate that more than $21.3 million in energy has been lost to illegal Bitcoin mining. The figure for energy theft may rise in 2021 as cryptocurrencies are at their peak in popularity. However, many crypto miners pulled out of the game following the Bitcoin crash in May.

Crypto rigs are held in various parts of the world

The Ukrainian security agency recently arrested some Bitcoin mining operators in early July. This arrest happened after the cryptocurrency rigs operators were accused of stealing energy for their operations. Several BTC mining devices and PS4 frames hidden in a warehouse were confiscated.

According to the authorities in Ukraine, this electricity theft was at least worth $250,000. However, there is no substantial evidence to support the figure for power theft.

The crypto rigs that work to mine Bitcoin have been subdued amid a regulatory environment driven by China. Restrictions on Bitcoin and other crypto are still present in most countries in Asia and part of Europe. But in America, the outlook for the decentralized market may look more promising.

BTC mining operations in the United States have not been restricted, although the payment of services in electricity is expensive. El Salvador continues to make way for Bitcoin trading and will allow mining work to be completed shortly. The cryptocurrency market needs to be supported and not prosecuted for mining “crimes” that appear to be promoted by Chinese regulations.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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