Electricity Theft for Bitcoin Mining in Southeast Asia

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Arrests in Malaysia
  2. Issues in Thailand and Indonesia
  3. Shutdown in Laos


    4. After the great China crackdown of 2021, Southeast Asia became a hotspot for Bitcoin miners. Now, various regions are experiencing a significant rise in electricity theft used to fuel these mining activities.

    Arrests in Malaysia

    This week, Malaysian authorities arrested seven individuals suspected of illegally mining Bitcoin using stolen electricity, according to the state media outlet Bernama. The police seized 52 mining rigs, along with electronic devices and a couple of vehicles, valued at approximately 250,000 ringgit ($57,000).

    Issues in Thailand and Indonesia

    In Thailand, an investigation into electricity theft in April led to the confiscation of mining rigs valued at more than $5.8 million, according to local media. In Indonesia, in December 2023, police shut down 10 mining sites accused of stealing over $1 million worth of electricity.

    Shutdown in Laos

    Laos' state energy distributor suspended electricity supply to crypto miners earlier this year. The suspension was attributed to insufficient local energy generation, exacerbated by a drought in the first half of 2023. However, an employee disclosed that another reason for the suspension was the miners' inability to pay their bills.

    The surge in electricity theft for Bitcoin mining is causing concern among authorities in Southeast Asia. Arrests and equipment confiscations continue, while energy companies are taking measures to combat the violations.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Hut 8 Wins Bid for Poolin's Texas Datacenter Sites

Hut 8 has successfully bid $140 million for two datacenter sites owned by the bankrupt mining company Poolin.

user avatarLucas Weissmann

Senate Banking Committee Democrats Request Hearing on Prediction Markets

Democratic members of the Senate Banking Committee request a public hearing to examine the growing issue of prediction markets and their regulatory implications.

user avatarFilippo Romano

Crypto Economic Activity Remains Strong Despite Market Downturn

Crypto economic activity has shown resilience despite a significant drop in market capitalization, indicating a shift in market dynamics.

user avatarEmily Carter

Visa's Research Highlights Trust as a Barrier to Stablecoin Adoption

Visa's research highlights that trust and fraud protection are essential for stablecoin adoption, with 36% of US respondents considering their use, especially with bank-level protections.

user avatarTomas Novak

Cardano's Onchain Governance Approves New Treasury Allocations

Cardano's governance system has approved a new round of treasury allocations aimed at infrastructure and ecosystem development.

user avatarKaterina Papadopoulou

Galaxy Invests $100 Million in Onchain Credit Infrastructure

Galaxy has invested $100 million in Sky Protocol's yield-bearing sUSDS, integrating it into its corporate treasury and allowing it as collateral for institutional trading.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.