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Authorities in Borneo confiscate illicit cryptocurrency miners powered by stolen electricity

Authorities in Borneo confiscate illicit cryptocurrency miners powered by stolen electricity

A cryptocurrency mining operation in Malaysia was shut down by authorities after it was discovered to be stealing power from the local grid. The operation, located in the town of Miri on the island of Borneo, was using 34 mining servers to mine cryptocurrencies using stolen electricity. The equipment, including servers and tapping cables, was seized by authorities, and an investigation is currently underway. The energy supplier estimated that the operation was using around $1300 worth of stolen electricity per month. This incident follows a similar case in 2023 where over 137 mining servers were seized in the same area. The prolonged bear market in Bitcoin has put strain on mining operations, leading to some operators selling BTC in record amounts. The high electricity costs associated with mining have also led to an increase in illegal operations stealing power from the grid.

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