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Malaysia will tackle illegal mining operations through its special tariff plan

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Malaysia will tackle illegal mining operations through its special tariff plan 22

To take action against the illegal crypto mining operations going on in Malaysia, agencies will introduce a special kind of tariff system so that Bitcoin mining operations can be regulated more perfectly. 

Malaysia is a crypto and blockchain adaptive country, to give the option for the citizens to access this money market but Malaysia is totally against the use of crypto & blockchain technology in the traditional payment system because they think that the traditional technology of Malaysia is safer over blockchain & Crypto and also they are not favour in crypto because of volatility in the prices. 

At present, Malaysians are showing huge interest in crypto mining operations because of the favourable situation in the country. But with the increasing inflow of mining firms & activities in Malaysia, is causing huge theft of electricity. To overcome such types of electricity theft, Tenaga Nasional Bhd decided to follow and issue new guidelines for the crypto mining firms. 

Baharin Din,  President, and Chief Executive Officer stated that the company will issue a special kind of traffic for crypto mining firms so that they can get a regulated and regular electricity supply. 

According to the President, in the future, more electricity theft cases will come, so such steps in the initial phases are necessary.

Tenaga noted that 7,209 cases of electricity theft were found in Malaysia and in these cases many people were arrested. As per the record available, around $550 Million worth of electricity has been illegally used by the crypto mining firms between 2018 to 2022 and in these cases, 18 people have been arrested to this date. 

Reports noted that illegal crypto mining firms are stealing electricity by doing some kind of engineering in the electricity meter and in some cases, crypto mining firms have been found to use direct electricity from the power grid. 

“The irresponsible perpetrators are doing it at the expense of the security and reliability of supply for the public at large. Unauthorized electricity connections can also be fire hazards,” Bahrain said.

At present, Tenga company is doing its best to catch the illegal and bad actors in crypto mining operations with the help of local agencies like anti-graft bodies, the police, the Energy Commission, and the local councils. 

Read also: Yearn.Finance and Keep3r facing huge correction

Malaysia will tackle illegal mining operations through its special tariff plan

 

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