Malaysian Authorities Destroys $1.2 Mln Worth Of Illegal Bitcoin Mining Rigs. https://etherdesk.com/malaysian-authorities-destroys-1-2-mln-worth-of-illegal-bitcoin-mining-rigs Cryptocurrency Current News, Price Data & Mining Calculator

Malaysian Authorities Destroys $1.2 Mln Worth Of Illegal Bitcoin Mining Rigs.

2021-07-17 | Eddy Morgan

Malaysian Authorities Destroys $1.2 Mln Worth Of Illegal Bitcoin Mining Rigs.

Authorities in Malaysia destroyed more than $1.2 Mln worth of Bitcoin mining rigs after they were confiscated for operating illegally. Within a video posted today via the native news outlet DayakDaily, police in the city of Miri on the island of Borneo as well as the Sarawak Energy company arranged for a steamroller to run over 1,069 Bitcoin [BTC] miners. The rigs were reportedly confiscated from residents of Malaysia attempting to illicit mine the cryptocurrency using stolen electricity between February to April. In line with an official report from Malaysian newspaper The Star, the disposal of the mining machines - worth roughly $1.26 Mln - occurred at the Miri district police station today. Authorities outlined that three houses within the area had been destroyed this year due to illicit Bitcoin mining, while the Sarawak Energy company lost an estimated $2 Mln from the operations. It’s unclear why authorities in Malaysia outright destroyed the miners instead of attempting to reap some value from the parts. Officials in Iran, Turkey and other countries where mining is banned or restricted are conducting raids on illicit cryptocurrency mining operations for some time, often leading to arrests, fines, and seizure of the rigs. Additionally, there are few if any reports of the machines being crushed by a steamroller or destroyed in so thorough a fashion. Chinese authorities reportedly auctioned over 2,000 rigs earlier in February that had been seized for similar reasons. The Cambridge Center for Alternative Finance estimates that Malaysia contributed 3.44% to Bitcoin’s total monthly hash rate as of April. The country has an annual energy consumption of over 147 terawatt-hours.

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