Authorities in Malaysia destroyed greater than $1.2 million price of Bitcoin mining rigs after they have been confiscated for working illegally.
In a video posted right now from native information outlet DayakDaily, police within the metropolis of Miri on the island of Borneo and the Sarawak Vitality firm arranged for a steamroller to run over 1,069 Bitcoin (BTC) miners. The rigs have been reportedly confiscated from residents of Malaysia making an attempt to illegally mine the cryptocurrency utilizing stolen electrical energy between February and April.
In keeping with a Friday report from Malaysian newspaper The Star, the disposal of the mining machines — price roughly $1.26 million — occurred on the Miri district police headquarters right now. Authorities mentioned three homes within the space had been destroyed this 12 months resulting from unlawful Bitcoin mining, whereas the Sarawak Vitality firm misplaced an estimated $2 million from the operations.
It’s unclear why authorities in Malaysia outright destroyed the miners relatively than making an attempt to reap some worth from the elements. Officers in Iran, Turkey and different international locations the place mining is banned or restricted have been conducting raids on illegal crypto mining operations for a while, usually leading to arrests, fines, and seizure of the rigs.
Nevertheless, there are few if any stories of the machines being crushed by a steamroller or destroyed in so thorough a fashion. Chinese language authorities reportedly auctioned greater than 2,000 rigs in February that had been seized for related causes.
The Cambridge Middle for Different Finance estimates that Malaysia contributed 3.44% to Bitcoin’s whole month-to-month hashrate as of April. The nation has an annual power consumption of greater than 147 terawatt-hours.