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Malaysia Discovers $1.1 Billion in Electricity Theft for Crypto Mining
Malaysia's national utility provider, Tenaga Nasional Berhad (TNB), has identified losses exceeding $1.1 billion due to stolen electricity for Bitcoin mining over approximately five years. This revelation comes as part of ongoing efforts to combat electricity theft at digital production facilities in the country.
The Ministry of Energy reported that TNB has identified 13,827 locations that illegally siphoned electricity for mining activities between 2020 and August 2025. This illegal activity has resulted in losses of at least 4.57 billion Ringgit, equivalent to about $1.1 billion. Since 2018, Malaysia has been actively fighting illegal crypto mining to prevent soaring electricity costs.
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"The activity poses a serious threat to the national power supply system, public safety, and the economic stability of the country," stated the Ministry.
In August 2024, local authorities destroyed over 900 Bitcoin mining rigs valued at nearly 2 million Ringgit, approximately $482,160. TNB has developed an internal database of owners and tenants suspected of electricity theft to better identify and monitor suspicious locations. This database serves as a crucial internal reference tool for operational inspection measures.
To enhance monitoring, TNB has implemented smart meters and launched a pilot program for Distribution Transformer Meters at energy substations. These initiatives aim to better track energy consumption and detect abnormal patterns indicative of unauthorized electricity use for mining.
In summary, Malaysia's crackdown on illegal crypto mining has revealed significant financial losses and prompted the implementation of advanced monitoring systems to safeguard the national power supply.
Canaan's Revenue Jumps 104% Due to Strong Demand from US Miners
Canaan, a Bitcoin mining hardware manufacturer, reported a remarkable 104% increase in revenue for the third quarter, reaching $150.5 million, driven by substantial new orders from the US. The revenue from the sale of mining equipment alone amounted to $118.6 million.
Chief Financial Officer James Jin Cheng noted that US customers actively placed large and recurring orders during the quarter, with North American clients contributing 31% to the total revenue, indicating a strong recovery in demand in this market.
Despite the impressive revenue growth, Canaan reported a net loss of $27 million compared to $75 million in the previous year. The company mined 267 Bitcoin, achieving an average revenue of $114,485 per coin. Canaan's stock closed with nearly a 21% gain at $1.03, with an additional rise of almost 2% after hours to $1.05.
"Providing additional Bitcoin miners is the best way to utilize energy and generate revenue, rather than waiting years for AI facilities to operate," stated CEO Nangeng Zhang.
Several miners have recently reported strong results, including HIVE Digital, which saw a profit increase of 285%. Canaan has increased its Bitcoin holdings to 1,610 coins by the end of October, while customers are exploring the establishment of AI-capable mining facilities for the future.
In conclusion, Canaan's significant revenue growth reflects a robust demand from US miners, despite the challenges posed by rising mining costs and competition from AI technologies.
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