Malaysia's national power company, <strong>Tenaga Nasional</strong>, has incurred over $1 billion in losses due to <strong>crypto mining</strong> electricity theft.

BlockBeats News, November 19th, the Malaysian Ministry of Energy announced that from 2020 to August this year, the country's state-owned utility company, Tenaga Nasional Bhd (TNB), has lost over $1 billion due to illegal electricity usage by cryptocurrency miners.

The Malaysian Ministry of Energy and Water Development stated in a written reply to parliament released on November 18th (Tuesday) that during this period, the national power company (stock code: TENA.KL) discovered a total of 13,827 premises engaged in illegal electricity usage for cryptocurrency mining.

The ministry pointed out that illegal electricity usage for cryptocurrency mining (especially Bitcoin mining) has caused an economic loss of 4.6 billion ringgit (approximately $1.1 billion) and added that the national power company is collaborating with relevant authorities to curb electricity theft.

Despite Malaysia currently lacking specific regulations governing cryptocurrency mining, under the Electricity Supply Act, tampering with electricity meters or using electricity by bypassing meters through unauthorized connections is considered illegal. The Ministry of Energy stated that through joint operations involving the ministry, police, telecommunications regulatory bodies, anti-corruption agencies, and other law enforcement agencies, the national power company has seized multiple Bitcoin mining machines at the implicated premises.