The Great Crypto Heist: Johor’s Power Thieves
In a shocking twist of events, officials in Johor, Malaysia, have uncovered two elaborate crypto mining operations that have been skimming off the grid without a second thought. Over three long years, these ingenious (or rather, devious) miners managed to pilfer more than $600,000 worth of electricity. Talk about shocking news!
Operation Details and Discovery
According to reports, the crackdown was a collaborative effort between Malaysia’s Energy Commission, the local power utility company, and local authorities. They raided operations in Iskandar Puteri, where miners had been living the high life while the power company footed the bill. With one operation running 100 rigs nonstop and another maintaining 48 rigs for two years, it’s safe to say these miners really knew how to work hard and hardly work—at least when it came to paying for their electricity.
How They Did It
Authorities discovered that illegal wiring had been installed to circumvent the meter, effectively letting these operations go full throttle while only coughing up a meager $7 to $14 a month for their power needs. In terms of theft, we’re talking about almost $20,000 monthly—now that’s some dedicated bookkeeping!
Legal Consequences: The Long Arm of the Law
If caught, the consequences can be severe. Under Malaysia’s Electricity Supply Act, those found guilty of stealing electricity—especially on this scale—could see themselves facing hefty fines or even jail time. Specifically, these individuals might be looking at up to ten years in the slammer or fines reaching $240,000 if convicted. Suddenly that Bitcoin mining operation isn’t looking so profitable after all, is it?
A Growing Problem
It’s not a standalone case, either. TNB’s engineer noted that they had previously raided 90 similar operations in 2020 alone. Since 2018, they have taken down a staggering 288 illegal setups that have left the company high and dry in losses rumored to be over $25 million. Clearly, this issue is hitting Bitcoin miners hard where it hurts—in both their back pockets and their reputations.
Conclusion: A Cautionary Tale for Crypto Enthusiasts
This saga serves as a reminder for those involved in crypto mining: while the allure of profits may be great, the risks of crossing legal boundaries are even greater. If you’re looking to mine Bitcoin, maybe consider doing it the right way? Who knows, paying for your power might just be the better option in the long run!
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