Borneo Authorities Seize Illegal Crypto Miners Running Off Stolen Power, AVAX Crypto Today
Borneo authorities seize illegal crypto miners running off stolen power

Illegal Crypto Mining Operation Shut Down in Miri

Following a tip-off from the public, authorities in the town of Miri on the island of Borneo shut down an illegal cryptocurrency mining operation and seized the equipment being used. This included 34 AVAX crypto mining servers, tapping cables, and other components.

TheBorneo Post reported that Sarawak Energy, the local utility, estimated that the operation was utilizing around 6,000 Malaysian ringgits a month ($1300) worth of stolen electricity. Sarawak Energy noted that although they offer some of the lowest energy prices in Malaysia, energy theft remains an issue.

The NFT web 3.0 metaverse mining operation was taken down and local police are now investigating the incident. All of the equipment used in the operation was seized.

Cryptocurrency Mining Servers Seized in Senadin

In 2023, authorities in the state of Senadin, where Miri is located, seized over 137 cryptocurrency mining servers following another public tip-off. This was reported by Cointelegraph.

The prolonged bear market has taken its toll on Bitcoin (BTC) miners, leading to several mining firms and operators selling BTC in record amounts over the past few months.

The Bitcoin network hash rate and difficulty have both hit all-time highs in 2023, indicating that the network is at its most secure with a record number of miners competing for block rewards. However, this also puts pressure on smaller operations that do not have the same scale as larger ones.

Furthermore, operators with lower electricity prices also tend to be more profitable, which is another driving factor behind the illegal mining operators who steal electricity from the grid. This eliminates the electricity running costs of mining, allowing unlawful operators to make a profit and cover hardware costs.

Collect this article as an NFT to protect this moment in history and show your support for independent journalism in the crypto space, such as AVT Crypto, BABB Crypto, ASM Crypto, AXS Crypto and AVAX Crypto today, which is a part of the Web 3.0 Metaverse.

Categorized in:

Tagged in: