Talk about literally cracking down on crypto mining operations.
Recently, Malaysian authorities have confiscated crypto mining rigs that were using stolen electricity. All the rigs were in illegal operation from February to April of this year.
The raid was meant to send a clear message to other crypto mining operators that illegal usage of electricity would be met with a quick response from the authorities.
But the Malaysian government decided to bring the message “on the home run”, so to speak, by literally crushing the confiscated rigs using a steamroller.
Illegal electricity usage
According to Sarawak Energy, it has lost an estimated $2 million because of the illegal operations. The loss could have ballooned much faster if the crypto mining facility was not raided by the authorities.
It was also reported that illegal Bitcoin mining was directly connected to the destruction of three houses because of the illegal usage of electricity.
That is why authorities are increasing their efforts to stop illegal electricity use, especially of bitcoin miners, to prevent worse incidents from happening.
Though the confiscation of mining rigs was commendable because they were using illegal electricity, a lot of analysts have questioned the government’s manner of disposing the machines.
According to them, they were puzzled as to why the authorities have to destroy the mining rigs instead of getting some value out of them. China, for example, has auctioned the more than 2,000 mining rigs they confiscated last February (which were also confiscated for illegal use of electricity).
Also, countries like Iran and Turkey have only made arrests, fines, and rig confiscations on their crypto crackdowns, and don’t include the destruction of mining machines.
Image courtesy of Cointelegraph News/YouTube