Malaysian police seized Bitcoin mining plants

Malaysian police seized 1,069 Bitcoin mining plants in a rally against illegal electricity consumption in cooperation with the power company Sarawak Energy. It decided to destroy these facilities by dismantling them in the parking lot at the police headquarters and crushing them with road rollers. The video from the event was published last week by the local news server Dayak Daily and has since gained popularity on social networks. The total value of the destroyed equipment was 5.3 million Malaysian ringgits (approximately 1.07 million euros). Police confiscated the facility in six different raids, which took place from February to April on suspicion of electricity theft. The police decided to break the device rather than sell it. For example, China sells confiscated equipment at auctions. Deputy Police Commissioner Hakemal Hawar told CNBC that the miners apparently stole $ 2 million in electricity. Cryptocurrency extraction is an energy-intensive process in which new Bitcoins are formed. When people are mining, it means that they have to solve a complex mathematical problem using a highly specialized computer. Operating these machines at full capacity consumes a large amount of energy, which can jeopardize local energy networks. Cryptocurrency mining in Malaysia is not illegal, but there are strict energy laws. Under the Electricity Supply Act, those who manipulate power lines face a fine of up to 100,000 ringgit (over 20,000 euros) and five years in prison. The Cambridge Center for Alternative Finance estimates that Malaysia accounts for 3.44 percent of Bitcoin's global production. This ranks it among the ten largest mining destinations.