– A Malaysian energy supplier in the town of Miri on the island of Borneo shut down an illegal cryptocurrency mining operation.
– The operation was discovered by Sarawak Energy and involved 34 cryptocurrency mining servers using stolen electricity through cable tapping.
– Authorities seized all equipment used in the operation and local police are investigating.
– The estimated value of stolen electricity was around 6,000 Malaysian ringgits ($1300) per month.
– This is not the first illegal mining operation to be taken down on the island, as over 137 servers were seized in a previous incident.
– Bitcoin miners are facing challenges due to the prolonged bear market, leading to some operators selling BTC in record amounts.
– The Bitcoin mining ecosystem has seen record-high network hash rates and difficulty levels, which can strain smaller operators.
– Lower electricity prices make mining more profitable, leading to the theft of electricity by illegal operators.
– Preserving this article as an NFT can support independent journalism in the crypto space.