Authorities in Malaysia destroyed greater than $1.2 million value of Bitcoin mining rigs after they have been confiscated for working illegally.
In a video posted right now from native information outlet DayakDaily, police within the metropolis of Miri on the island of Borneo and the Sarawak Power firm organized for a steamroller to run over 1,069 Bitcoin (BTC) miners. The rigs have been reportedly confiscated from residents of Malaysia trying to illegally mine the cryptocurrency utilizing stolen electrical energy between February and April.
In response to a Friday report from Malaysian newspaper The Star, the disposal of the mining machines — value roughly $1.26 million — occurred on the Miri district police headquarters right now. Authorities stated three homes within the space had been destroyed this 12 months as a result of illegal Bitcoin mining, whereas the Sarawak Power firm misplaced an estimated $2 million from the operations.
Associated: Malaysian Crypto Miners Have been Caught Stealing Electrical energy From the State
It’s unclear why authorities in Malaysia outright destroyed the miners fairly than trying to reap some worth from the components. Officers in Iran, Turkey and different nations the place mining is banned or restricted have been conducting raids on illegal crypto mining operations for a while, usually leading to arrests, fines, and seizure of the rigs.
Nonetheless, there are few if any reviews of the machines being crushed by a steamroller or destroyed in so thorough a fashion. Chinese language authorities reportedly auctioned greater than 2,000 rigs in February that had been seized for related causes.
The Cambridge Heart for Various Finance estimates that Malaysia contributed 3.44% to Bitcoin’s complete month-to-month hashrate as of April. The nation has an annual power consumption of greater than 147 terawatt-hours.