Tenaga Nasional Bhd (TNB) has incurred losses amounting to RM4.57 billion between 2020 and August this year due to electricity theft linked to illegal cryptocurrency mining. According to Deputy Prime Minister Datuk Seri Fadillah Yusof, TNB discovered 13,827 premises engaging in such activities, including bitcoin farms.
Fadillah, who also serves as the Energy Transition and Water Transformation Minister, explained that the activity poses safety risks to consumers. Aside from that, it jeopardises Malaysia’s economic stability while also endangering the national energy supply system.
He went on to detail the efforts to combat the issue. One of these initiatives involves a database developed by TNB. It includes detailed records of owners and tenants of premises suspected of electricity theft for cryptocurrency mining purposes. This database is significant in identifying and monitoring suspicious establishments, forming a basis for enforcement inspections.
Moreover, TNB is working with the ministry, the Energy Commission (ST) and enforcement agencies to combat the illegal activities. Among the initiatives include joint raids with the police and other authorities. Through these raids, TNB can seize the bitcoin mining machines, effectively stopping the operations.
In addition to this, TNB is conducting technical monitoring via the Distribution Transformer Meter (DTM) pilot project. This is to detect irregularities in usage patterns and potential theft. Smart meters are being installed for real-time monitoring and swift detection of tampering. Other measures include awareness campaigns to educate the public and encourage reporting.
(Source: The Star)
