The world has already been experiencing a lot of cryptocurrency activities recently. Moreover, the Russia Ukraine war has led to more and more crypto coins because they can hedge against the declining global stock market. However, in the situation of war between the two nations, there are a lot of illegal activities also being carried on in other countries of the world. For example, Malaysia is a country where many cryptocurrencies operations are carried on, and apart from this, there is a theft of electricity. According to the Malaysian government, a few cryptocurrency mining companies steal electricity from the government to carry out their operations on Bitcoin buyer websites like the bitcoin-buyer.app. It is not acceptable when the nation is already not making sufficient revenue to run it. Therefore, the government has been looking forward to imposing some sanctions or rules and regulations to stop electricity theft by cryptocurrency mining operation companies.
The national electricity Corp of Malaysia has proposed several specific tariff plans for the companies dealing in bitcoin mining. The move came right after the government noticed much electricity data missing from the records. Also, as there were leaps in the electricity consumption records, the government knew that something wrong was going on in the country. The reports were given to the news channels by the executive of electricity Corp of Malaysia. Also, according to the country's top executives, the proposed energy commission courage more and more operations in bitcoin mining but with legal electricity supply only. If there is going to be an illegal supply of electricity, the government has to put some strict rules and regulations on the mining operations in the country. Tenaga Nasional Bhd. is the company of Malaysia that deals with the country's sovereign wealth fund. It is the largest recorded, and therefore, it has recently recorded some increasing electricity supply illegally to the cryptocurrency operating companies. Therefore, it is expected that in the future, the same will be repeated again and again until and unless it is stopped.
Crypto Mining and Electricity
Cryptocurrency mining is creating more and more cryptos and adding them to the already existing ecosystem of digital currencies. It has been increasing worldwide as crypto coins are increasing significantly in the past few years. Many countries are putting forward their efforts to make the process of crypto mining greener than ever before. However, the carbon emissions after the crypto mining operations are very high and can lead to disastrous conditions in nature. Therefore, the government believes that it needs to be controlled and made right so that it does not cost much harm to the nation's environment. However, even though there are efforts made by the government of different nations, in most situations, it is considered to be environmentally unfriendly.
The Situation of Malaysia
Malaysia has been one of the most important countries where cryptocurrency mining operations are breeding like fire. Provide electricity at a low price, and therefore, many countries are taking full advantage of it. However, even if there are not many expenses for giant companies' cryptocurrency mining operations, they are trying to steal electricity. They temper with the meter installation and bypass the meter to get illegal connection from the government authorities. Such cases, which involve the theft of electricity and illegal bitcoin mining operations, have increased to 7209 in 2021 from 610 in 2018. These are the official figures released by the government, and it is expected to increase at a very high speed in the future.
As per the chief of electricity Corp of Malaysia, the thieves of electricity supply and illegal activities in Malaysia are doing it at the cost of security. They are creating problems in reliable electricity supply for the people at large. The people of Malaysia are paying the right amount of money for the electricity supply they are getting from the government. However, huge companies are looking forward to decreasing their costs to make more profit. To warn these companies from doing this kind of activity in the future, the chief also made it clear that illegal and unauthorized electricity connections can lead to fire hazards.
Moreover, they may cause harm to human life as well as the economic prosperity of any person who is carrying on such operations. Therefore, the government of Malaysia is not in favor of any such illegal things.
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