Latest news with #TenagaNasionalBerhad
The Sun
5 days ago
- Business
- The Sun
FOMCA urges stronger action against electricity theft in Malaysia
KUALA LUMPUR: Electricity theft must no longer be treated as a minor violation, as it costs Malaysia billions annually, warns the Federation of Malaysian Consumers Associations (FOMCA). The group demands stronger enforcement, smart meters, and legal reforms to curb illegal mining and unfair consumer burdens. FOMCA chief executive officer Dr T. Saravanan stressed the need for advanced detection systems, including real-time monitoring and data analytics, to flag suspicious power usage. 'Enforcement must target not just illegal miners but also landlords and financiers enabling these operations,' he said. Saravanan urged revising penalties to match the crime's severity, with higher fines and prison terms. He also proposed regulated pathways for legal crypto-mining. 'Special tariffs and licensing can prevent black-market activities while monitoring compliance,' he added. The call follows Deputy Energy Minister Akmal Nasrullah Mohd Nasir's revelation that illegal bitcoin mining caused RM4.8 billion in losses since 2018. FOMCA insists on transparency to ensure consumers aren't subsidising theft through higher bills. 'Public trust depends on clear communication and fair solutions,' said Saravanan, urging Tenaga Nasional Berhad (TNB) and the government to act decisively. - Bernama
The Star
5 days ago
- The Star
Power theft linked to crypto mining costs RM4.8bil in losses, says deputy minister
ALOR SETAR: Electricity theft linked to cryptocurrency mining activities has caused RM4.8bil in losses from 2018 to June this year, said Deputy Energy Transition and Water Transformation Minister. Akmal Nasrullah Mohd Nasir said the situation is alarming and calls for continuous enforcement to prevent further losses. "Since 2018, electricity theft involving cryptocurrency mining has cost RM4.8 billion. "We recorded 2,399 cases from 2023 to 2024 and this year alone, up to June, there have already been 1,800 cases,' he said. Akmal Nasrullah was speaking to reporters after a joint operation involving the Energy Commission, Tenaga Nasional Berhad and other agencies, targeting seven premises suspected of electricity theft here on Thursday (July 17). He said the surge in cases is driven by the rising value of bitcoin, which now exceeds RM500,000 per unit. "This creates challenges for enforcement, as more are willing to take the risk of stealing electricity for mining,' he said. On today's operation, Akmal Nasrullah said the seven premises were raided under Section 37(3) of the Electricity Supply Act 1990, with warrants obtained from the court. "Our focus is to stop electricity theft, and public cooperation is crucial. "If you see cables being connected illegally without going through the meter, report it,' he said. — Bernama
The Sun
5 days ago
- The Sun
Bitcoin mining power theft costs Malaysia RM4.8 billion
ALOR SETAR: Electricity theft linked to illegal bitcoin mining has resulted in losses of RM4.8 billion from 2018 to June this year, according to Deputy Energy Transition and Water Transformation Minister Akmal Nasrullah Mohd Nasir. He described the situation as alarming, stressing the need for continuous enforcement to curb further financial damage. 'Since 2018, electricity theft involving illegal bitcoin mining has cost RM4.8 billion - a massive loss,' he said. Between 2023 and 2024, authorities recorded 2,399 cases, with 1,800 cases reported in the first half of this year alone. The surge in incidents is attributed to the rising value of bitcoin, now exceeding RM500,000 per unit. 'This creates challenges for enforcement, as more are willing to take the risk of stealing electricity for mining,' Akmal Nasrullah explained. He spoke to reporters after a joint operation involving the Energy Commission, Tenaga Nasional Berhad, and other agencies. Seven premises suspected of electricity theft were raided under Section 37(3) of the Electricity Supply Act 1990, with warrants obtained from the court. 'Our focus is to stop electricity theft, and public cooperation is crucial. If you see cables being connected illegally without going through the meter, report it,' he urged. - Bernama
Malay Mail
5 days ago
- Malay Mail
Deputy minister: RM4.8b power lost to illegal bitcoin mining since 2018, offenders undeterred by enforcement
ALOR SETAR, July 17 — Electricity theft linked to illegal bitcoin mining activities has caused RM4.8 billion in losses from 2018 to June this year, said Deputy Energy Transition and Water Transformation Minister Akmal Nasrullah Mohd Nasir. He said the situation is alarming and calls for continuous enforcement to prevent further losses. 'Since 2018, electricity theft involving illegal bitcoin mining has cost RM4.8 billion - a massive loss. 'In terms of cases, we recorded 2,399 cases from 2023 to 2024 and this year alone, up to June, there have already been 1,800 cases,' he said. He was speaking to reporters after a joint operation involving the Energy Commission, Tenaga Nasional Berhad and other agencies, targeting seven premises suspected of electricity theft here today. Deputy Minister of Energy Transition and Water Transformation Akmal Nasrullah Mohd Nasir speaks during a press conference held during a joint raid on bitcoin mining premises in Alor Setar today. — Bernama pic Akmal Nasrullah said the surge in cases is driven by the rising value of bitcoin, which now exceeds RM500,000 per unit. 'This creates challenges for enforcement, as more are willing to take the risk of stealing electricity for mining,' he said. On today's operation, he said the seven premises were raided under Section 37(3) of the Electricity Supply Act 1990, with warrants obtained from the court. 'Our focus is to stop electricity theft, and public cooperation is crucial. If you see cables being connected illegally without going through the meter, report it,' he said. — Bernama
New Straits Times
5 days ago
- New Straits Times
Bitcoin miners stole RM4.8 billion in electricity since 2018, says deputy minister
ALOR STAR: Illegal bitcoin miners have stolen RM4.8 billion in electricity since 2018, said Deputy Energy Transition and Water Transformation Minister Akmal Nasrullah Mohd Nasir. He said the staggering figure highlighted the scale and persistence of such activities despite repeated crackdowns. "This is not a small number. We must step up efforts to tackle this issue," he said after joining a joint operation involving Tenaga Nasional Berhad (TNB), the Energy Commission (ST) and police today. Akmal Nasrullah said there had been a worrying surge in such cases in tandem with the soaring value of bitcoin. "In 2023, we recorded 2,399 cases. Up to June this year, we've already logged around 1,800 cases. This spike coincides with bitcoin's price breaching RM500,000 per coin," he said. Bitcoin is a popular cryptocurrency that is obtained either by purchasing them on the open market or using computers to solve complex algorithms that yield the digital currency. Running these computers is called mining and their vast computing power requires massive amounts of electricity. At a premises raided today, authorities found 80 mining machines operating around the clock, draining an estimated RM86,000 in electricity per month. Another location that had been raided eight times prior to today's operation unearthed 38 mining units illegaly drawing RM45,000 in electricity a month. "The last raid was in May, but they've resumed operations. This is the ninth time this location has been raided," Akmal said. Overall, the seven premises raided today were estimated to have stolen RM273,679 in electricity a month.
