Illegal Crypto Miners Caught Stealing Power in Borneo!
• Malaysian energy supplier uncovered an illegal cryptocurrency mining operation stealing power from the local grid on the island nation of Borneo.
• Authorities seized all of the equipment used in the operation, including servers and tapping cables, while local police are now investigating.
• Bitcoin miners have been weathering a prolonged bear market that has put many operations under strain.
Illegal Crypto Mining Operation Discovered in Borneo
A Malaysian energy supplier uncovered an illegal cryptocurrency mining operation stealing power from the local grid on the island nation of Borneo. Authorities in the town of Miri shut down the operation and seized equipment following a tip-off from the public.
Equipment Seized
Authorities seized all of the equipment used in the operation, including servers and tapping cables, while local police are now investigating. Sarawak Energy estimated that this operation was utilizing around 6,000 Malaysian ringgits a month ($1300) worth of stolen electricity.
Prolonged Bear Market Strains Mining Firms
Bitcoin miners have been weathering a prolonged bear market that has put many operations under strain. This has led to several mining firms and operators selling BTC in record amounts over the past few months. The Bitcoin mining ecosystem has also recorded a number of important metrics, with network hash rate hitting all-time highs as well as corresponding records for network difficulty.
Smaller Operators Struggle With Economies Of Scale
Smaller operators without economies of scale struggle to remain profitable during these conditions as they lack low electricity prices which would make their operations more profitable. This is why illegal mining operators often steal electricity from grids as it removes running costs associated with mining cryptocurrencies such as Bitcoin (BTC).
Police Investigating Illegal Mining Operation
Local police are currently investigating this latest illegal mining operation to be taken down on Borneo Island and have already seized all relevant equipment associated with it. It remains to be seen what will come out of this investigation and whether or not further action will be taken against those responsible for setting up this unauthorised crypto mining setup powered by stolen electricity from the grid
