Malaysian Police destroy over 1000 Bitcoin mining rigs

The possessor of these rigs was reportedly accused of stealing electric power, causing losses worth $2 million for Sarawak Energy, the electric utility company powering the Sarawak province in Malaysia.

Malaysian Police destroy over 1000 Bitcoin mining rigs

Reports from a Malaysian newspaper, Dayak Daily, revealed over a thousand Bitcoin mining rigs have been seized and destroyed by the Malaysian Police.

The disclosure also revealed Bitcoin mining rigs were confiscated in over six raids administered between February and April.

The possessor of these rigs was reportedly accused of stealing electric power, causing losses worth $2 million for Sarawak Energy, the electric utility company powering the Sarawak province in Malaysia.

In addition, eight individuals got arrested in relation to the crime, six of whom have been officially charged for stealing power supply. They face fines of about $2,000 and jail terms of about eight months.

The impounded tools for mining crypto assets got destroyed in a fascinating manner. The authorities laid them all out in a parking lot at its headquarters and ran them over with a steamroller.

Such clampdown on Bitcoin miners is already weighing hard on the pioneer crypto, as data collated from the blockchain shows as of July 17, the total hash rate of the blockchain dipped to 101.58 million terahashes per sec (TH/s), its lowest level since June last year.

Meanwhile, two weeks earlier, the network’s total hash rate dropped to 2019 levels, according to data on Blockchain.com.

In addition, miners' earnings have also dipped to $28.6 million on July 17, representing an almost 70% plunge from its all-time high of about $80.2 million on April 15, 2021.

Recall about two months ago, the Chinese authorities moved to shut down several crypto mining operations with about 90% of Chinese miners' arbitrarily going offline, as the impact of China’s latest anti-crypto stance still weighs negatively on the crypto market.