All posts tagged: crypto mining

Malaysia Logs 300 Percent Rise in Electricity Theft Linked to Illegal Crypto Mining: Report

Malaysia Logs 300 Percent Rise in Electricity Theft Linked to Illegal Crypto Mining: Report

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Illegal crypto mining operations in Malaysia spiked by 300 percent between 2018 and 2024, Malaysian publication The Star reported Monday, citing the country’s largest electricity utility company, Tenaga Nasional Berhad (TNB). In 2018, a total of 610 illegal mining cases were reportedly identified in Malaysia and the number spiked to 2,397 last year. Law enforcement authorities in the country are said to have initiated efforts to identify and bust locations they suspect are origins of unauthorised mining operations. Crypto mining is a power-intensive process requiring miners to solve complicated algorithms on advanced computers, that need to be connected to electricity at all times. Bitcoin is the most commonly mined cryptocurrency, that allows miners to earn rewards for generating new tokens. Regions where crypto mining clusters are active often suffer from electricity shortage as well as outages. Over the last six years, Malaysian law enforcement agencies observed a rise in complaints of power disconnections and suspicions of potential electricity theft, the report by The Star said. After clocking nearly 2,400 illegal mining cases last year, Malaysia …

Malaysia Logs 300 Percent Rise in Electricity Theft Linked to Illegal Crypto Mining: Report

Russia’s Energy Ministry Mulls Compulsory Registry for Crypto Mining Equipment

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Russia is planning to increase its oversight on crypto mining in the country, in order to improve the government’s control over compliance with bans on crypto mining in some regions. The Ministry of Energy is considering the creation of a formal, mandatory registry to identify crypto mining equipment and maintain a single register of crypto mining equipment. This initiative could prevent the overconsumption of electricity required to facilitate crypto mining operations, while restricting these activities in areas where they have been banned by the government. The initiative was proposed by Deputy Minister of Energy Yevgeny Grabchak, Russia’s state-owned publication TASS reported earlier this week. “The fundamental task is to optimise the mechanisms for identifying mining activities. It is important to adapt the law to formulate clearer criteria for classifying activities specifically as the production of digital currency,” the Russian Ministry of Energy said in the report. Meanwhile, reports citing Russia’s Federal Tax Service (FNS) also claim that Russian taxpayers involved in crypto mining businesses can now declare their crypto earnings through their personal accounts. Crypto …

Crypto Mining Banned in Venezuela, Thousands of Machines Seized

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The crypto mining industry often finds itself under the scanner for being power-intensive and releasing greenhouse gasses into the environment. In a recent development, the South American nation of Venezuela has announced a ban on crypto mining. The massive load of electricity that is used for the mining several cryptocurrencies left the Venezuelan government concerned, which ultimately resorted to restricting these crypto mining operations all together. AlbertoNews, a Venezuelan publication was first to report on this development over the weekend. The government of Venezuela has reportedly joined forces with the national electrical system to identify and disconnect crypto mining farms from the power grid in the course of the coming few days. The Venezuelan Ministry of Electrical Energy (MPPPE) has already kick started a power supply control plan to bust crypto mining clusters. The enforcement of the crypto mining ban happened after the authorities of the South American nation confiscated 2,000 crypto mining firms in Maracay, Aragua state last week. The ministry of electricity there posted a video of these seized machineries on Instagram, informing …

ED Files Charges Against Chinese-Origin Directors, Others in Crypto Mining App Case

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A charge-sheet has been filed under the anti-money laundering law against 299 entities, including 10 persons of Chinese origin, in an investigation linked to alleged duping of investors in the name of mining cryptocurrencies such as Bitcoins, the Enforcement Directorate said on Wednesday. A special court in Dimapur in Nagaland on Tuesday took cognisance of the prosecution complaint filed under the Prevention of Money Laundering Act (PMLA), the federal agency said in a statement. A total of 299 entities, including 76 Chinese-controlled entities in which 10 directors are of Chinese origin and two controlled by other foreign nationals, have been named as accused, it said. The Enforcement Directorate’s (ED) case of money laundering stems from an FIR of the Cyber Crimes Unit of the Kohima Police. The Kohima Police had booked various people under the Indian Penal Code and the Information Technology Act for allegedly duping gullible investors by promising astronomical returns by mining Bitcoins and other cryptocurrencies. Police had said an app (mobile-phone application) by the name of “HPZ Token” was used by the …

US’ Kentucky Begins Evaluating Cost-Effective Electricity Operations for BTC Miners

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The authorities of Kentucky state in the US are opening a probe to check if subsidising crypto mining operations would spike up the electricity costs for state dwellers. The development comes in the backdrop of the US, gradually emerging to become a hub for crypto miners, that are swarming to the country from several parts of the world. The Kentucky Public Service Commission (PSC) is now examining two contracts, that propose to provide electricity to BTC miners at discounted rates. The contracts have been extended to the Kentucky authorities by Kentucky Power and Ebon International LLC. While the former is an established power supplier in the state, the latter already runs mining facilities in Louisa and Waverly. “Cryptocurrency mining is extremely and exponentially energy-intensive by design, and the discounted rates for these facilities could result in higher electric bills for everyday Kentuckians,” an official statement from the Kentucky authorities read. The investigations into these two contract proposals have been opened by advocates from the Kentucky Resources Council and the Kentucky Public Service Commission. The development …