Muslim Authorities Crack Down on Electricity Theft by Destroying 985 Bitcoin Mining Rigs
The Perak District Police Headquarters in Malaysia has initiated a nationwide operation to tackle the environmental and economic problems arising from cryptocurrency mining.
In a bold move, the authorities have destroyed 985 Bitcoin mining rigs, valued at $450,000, in a crackdown on electricity theft. This is just the tip of the iceberg, as crypto miners have stolen a staggering $722 million worth of electricity between 2018 and 2023, according to official estimates.
The enormous number demonstrates the enormity of the issue and the necessity for governments to take immediate action.
The energy consumption associated with Bitcoin mining has been a topic of concern worldwide. As of January 19, 2024, the Bitcoin network consumed 147.3 terawatt-hours annually, almost equivalent to the energy usage of countries like Ukraine, Malaysia, and Poland.
It’s no surprise that governments worldwide are taking action to reduce the environmental impact of energy-intensive activities, as evidenced by Bitcoin mining in Malaysia and other countries.
Kosovo implemented a comprehensive ban on cryptocurrency mining in 2022 due to its impact on the power grid, while Angola has recently passed laws to reduce the environmental impact of Bitcoin mining. To safeguard the environment and reduce energy consumption, mining has been restricted in several Nordic countries, including Iceland, Norway, and Sweden.
The Malaysian authorities’ decision to demolish the seized mining rigs is a warning that crypto miners operating in the country should be wary.
The Malaysian government appears to be taking a tougher stance on electricity theft, and those who are caught in the crossfire will face consequences. Although the clampdown may be detrimental to Bitcoin miners, it also offers an opportunity for the industry to adapt and innovate.
With governments tightening the rules on energy-intensive activities, miners will need to find more sustainable and environmentally friendly methods of operation.
It is now up to the cryptocurrency community to develop and adopt more energy-efficient mining practices. The options available include investing in renewable energy, such as solar or wind power, or exploring alternative consensus algorithms that cut energy usage.
For more insights and information on the environmental impact of cryptocurrency mining, read our article on “The Environmental Impact of Bitcoin Mining: A Growing Concern”.
In summary, the Malaysian authorities’ decision to destroy 985 Bitcoin mining rigs is a significant step towards reducing the environmental and economic impact of cryptocurrency mining worldwide.
Bitcoin’s energy consumption is causing concern among governments worldwide, leading to the need for industry adaptations. By adopting this approach and embracing innovation, crypto miners can pave the way for a more sustainable future for the industry.
