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Malaysia lost over $755m due to illegal Bitcoin mining since 2018: report

Malaysia’s electricity utility, Tenaga Nasional Berhad (TNB), has reported a loss of over $755 million due to illegal Bitcoin mining activities since 2018, significantly impacting the country’s energy sector. The deputy minister of energy transition and water transformation of Malaysia, Akmal Nasir, stated that these losses from Bitcoin mining activities, which should have contributed to revenue, have escalated into billions. Additionally, illegal electricity connections have resulted in annual losses ranging from $22 million to $44 million. The financial repercussions could lead to tariff adjustments or related measures for citizens. To combat tax evasion involving digital assets, Malaysian authorities have teamed up with the police and CyberSecurity Malaysia for a major operation in the Klang Valley, aiming to trace digital assets and assess profits.