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Illegal Bitcoin Mining Costs Malaysian Power Provider Over $100 Million
Tenaga Nasional Berhad (TNB), Malaysia's main energy provider, has reported significant financial losses related to illegal Bitcoin mining, amounting to over 440 million Ringgit (approximately $101 million). According to Das Star, illegal electricity theft associated with crypto mining is spreading at an alarming rate, costing TNB 103 million Ringgit this year alone, as reported by Suhai Rizain from the Malaysian Criminal Police.
The losses from illegal Bitcoin mining have been steadily increasing since 2020, placing a heavy burden on the power provider. TNB reported a comparatively minor loss of 5.9 million Ringgit in 2020, which escalated to 140.4 million Ringgit in 2021, 124.9 million Ringgit in 2022, and an additional 67.1 million Ringgit last year. This trend highlights a persistent and costly issue for the country's energy infrastructure.
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“The illegal activities further drive up costs through the exploitation and overload of the power grid,” emphasized Akmal Nasir, Deputy Minister for Energy Transition and Water Management.
In response to these challenges, authorities have intensified their measures, seizing electrical equipment worth nearly $500,000 linked to illegal mining operations. Additionally, a crackdown on tax evasion in the digital asset sector has been initiated to prevent further losses. The Malaysian tax office has launched "Ops Token" this year, targeting tax evaders in the crypto space after significant revenue losses from unreported trading gains were identified.
In summary, illegal Bitcoin mining has resulted in over $101 million in losses for TNB, with authorities taking steps to combat this growing issue.
Scaramucci Family Invests Over $100 Million in Trump-Linked Bitcoin Mining Firm
The Scaramucci family has made headlines by investing over $100 million in American Bitcoin, a mining company associated with the sons of former President Donald Trump. This substantial investment signals a calculated move that intertwines political capital with blockchain infrastructure, indicating a belief that mining capacity in the U.S. will become increasingly important in the next cycle.
Anthony Scaramucci's family backing BitVault, a Bitcoin mining firm linked to Trump, has raised eyebrows. This investment is seen as a strategic statement, especially given the complex history between Scaramucci and Trump. The move suggests that serious money and influence are flowing into U.S.-based mining as the market begins to recover.
“This is not just a 'big investment.' It is positioning,” noted an industry analyst.
The timing of this investment is crucial, as Bitcoin mining has faced challenges this year with rising costs and declining revenues. Investing $100 million now is viewed as a long-term positioning strategy, anticipating a recovery in mining profitability as Bitcoin enters a new price zone. The connection to a politically linked mining company could also enhance the regulatory position of U.S. Bitcoin mining.
In conclusion, the Scaramucci family's investment of over $100 million in a Trump-associated Bitcoin mining firm reflects a significant shift in the U.S. crypto landscape, emphasizing the growing importance of political connections in the mining sector.
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