Malaysia steps up search for Bitcoin miners after $1.1 billion energy theft

Malaysian authorities have intensified their search for a group of Bitcoin miners who stole the equivalent of $1.1 billion worth of electricity to validate blocks of the largest cryptocurrency on the market. The losses were borne by Tenaga Nasional Berhad, the state-owned electric utility company, after the mining operations connected directly to infrastructure without authorization.

On November 19, the Malaysian government set up a task force bringing together professionals from various sectors: the Ministry of Finance, the Central Bank, and the state electricity company. The team is led by Akmal Nasrullah Mohd Nasir, Minister of Energy Transition and Water Transformation.

The minister emphasized that the damage to the country goes beyond the financial aspect, as illegal mining operations create risks for the nation’s energy infrastructure by causing instability in the electrical grid.

In addition, the task force met on the 25th and began discussing a possible total ban on Bitcoin mining activity in Malaysia.

The methods authorities are using to identify the power thieves are advanced: drones with thermal cameras to locate unusual heat sources, and ground teams with portable sensors capable of identifying atypical electricity consumption patterns.

However, as one side advances, the other does not stand still. Some groups are using shields on their equipment to disguise the heat signatures produced.

Malaysia has already recorded 14,000 illegal Bitcoin mining operations in the last five years. Since October, authorities have identified 3,000 cases of electricity theft linked to cryptocurrency activities.