Crypto Miners Drain Over $1 Billion from Malaysia’s National Power Company

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Malaysia‘s national utility, Tenaga Nasional Bhd (TNB), has suffered staggering financial losses exceeding $1 billion due to widespread electricity theft by cryptocurrency miners.

According to a parliamentary disclosure from the energy ministry, the illicit activity occurred at 13,827 different premises between 2020 and August of this year.

The illegal operations, which primarily involved Bitcoin mining, have resulted in losses of 4.6 billion ringgit ($1.11 billion). While Malaysia lacks specific laws for crypto mining, the methods used—such as tampering with meters and using illegal bypass connections—are clear offenses under the Electricity Supply Act.

In response, TNB has launched a multi-agency crackdown with police and regulators, seizing mining machines and creating a dedicated database to track owners and tenants of properties suspected of power theft.