Malaysia is actually crushing 1000’s of unlawful Bitcoin miners
Authorities in Malaysia destroyed greater than $1.2 million value of Bitcoin mining rigs after they have been confiscated for working illegally.
In a video posted at this time from native information outlet DayakDaily, police within the metropolis of Miri on the island of Borneo and the Sarawak Energy firm arranged for a steamroller to run over 1,069 Bitcoin (BTC) miners. The rigs have been reportedly confiscated from residents of Malaysia trying to illegally mine the cryptocurrency utilizing stolen electrical energy between February and April.
According to a Friday report from Malaysian newspaper The Star, the disposal of the mining machines — value roughly $1.26 million — occurred on the Miri district police headquarters at this time. Authorities mentioned three homes within the space had been destroyed this yr because of unlawful Bitcoin mining, whereas the Sarawak Energy firm misplaced an estimated $2 million from the operations.
Related: Malaysian Crypto Miners Were Caught Stealing Electricity From the State
It’s unclear why authorities in Malaysia outright destroyed the miners somewhat than trying to reap some worth from the components. Officials in Iran, Turkey and different nations the place mining is banned or restricted have been conducting raids on unlawful crypto mining operations for a while, typically leading to arrests, fines, and seizure of the rigs.
However, there are few if any reviews of the machines being crushed by a steamroller or destroyed in so thorough a fashion. Chinese authorities reportedly auctioned greater than 2,000 rigs in February that had been seized for comparable causes.
The Cambridge Center for Alternative Finance estimates that Malaysia contributed 3.44% to Bitcoin’s whole month-to-month hashrate as of April. The nation has an annual power consumption of greater than 147 terawatt-hours.