Malaysian authorities reportedly crushed 1,069 bitcoin mining rigs in connection to an electricity theft worth about $2 million in the county. The machines were seen on video crushed by a steamroller that also saw 6 individuals arrested.

The crushed machines were worth an estimated $1.25 million and were seized in a joint operation carried out by police in the city of Miri and electric utility company Sarawak Energy between February and April per the Malaysian News Agency. A video of the steamrolling came out last week from Dayak Daily.

The six people arrested have been fined $2,000 and were given a jail sentence of eight months according to Miri police chief ACP Hakemal Hawari in an official statement to the media.

Electricity theft of power bitcoin mining is a growing issue around the globe, especially since the price of bitcoins surged earlier this year to more than $60,000 per coin.

To mine bitcoins, computers are used to solve complex math problems. Once successful, users are rewarded with freshly minted units of the popular cryptocurrency. As of Monday, the value per coin was pegged at $31,300.

“The electricity theft for mining bitcoin activities has caused frequent power outages and in 2021, three houses were razed due to illegal electricity supply connections,” the Miri police chief said in an official statement.

The problem is not limited to Malaysia. The same holds for Britain that saw a bank that had around 100 bitcoin mining rigs at a site. It was initially said to be a marijuana farm. The site had stolen thousands of dollars worth of electricity to power its operations.

The bitcoin and cryptocurrency process has been blasted with the demand for energy having effects on climate change. Aside from that, the potential of cryptocurrencies has disrupted financial systems.

It takes special computers to carry out these procedures and some groups have seen it as an opportunity to cash in on cryptocurrency. The machines sell for thousands of dollars and take months to be shipped out.

A California man has been arrested for allegedly hiring a hitman $14,000 in bitcoin and cash to kill a woman he briefly dated. Pixabay

© 2024 Latin Times. All rights reserved. Do not reproduce without permission.