The digital gold rush is on. Cryptocurrencies like Bitcoin have captured global attention, promising decentralised finance and lucrative returns. However, beneath the surface of this digital revolution lies a growing concern: the immense energy consumption of cryptocurrency mining and its connection to electricity theft. In Malaysia, unsuspecting landlords and business owners have fallen victim to tenants who steal electricity for crypto mining, leaving them with shockingly high bills. 

Why Does Cryptocurrency Mining Consume So Much Energy? 

At the heart of cryptocurrency mining is a process called “proof of work.” Computers, often highly specialised and powerful, race against each other to solve complex mathematical puzzles in order to validate transactions and add them to the blockchain. The first one to solve the puzzle gets rewarded with new cryptocurrency. 

The process isn’t cheap–it requires a continuous and massive amount of electricity to keep the mining rigs running around the clock. This demand for power has driven unscrupulous individuals to resort to illegal means of securing electricity. That includes tapping into supply lines without proper billing, or worse, shifting the burden of the electricity bill onto unsuspecting property owners.

Power Theft: Real Losses For Real People 

The lure of crypto profits, combined with high energy costs, has led to a surge in electricity theft. Unscrupulous individuals, often tenants, are illegally tapping into power supplies to run their mining rigs, leaving property owners to deal with the devastating financial consequences. Recent cases in Malaysia paint a grim picture:

• 22 JANUARY: In Perak, over 60 homeowners and shop lot owners were slapped with TNB bills ranging from RM30,000 to a shocking RM1.2 million. The cause? Illegal electricity connections made by tenants engaged in cryptocurrency mining.
• 24 JANUARY: A staggering RM8.5 million in losses was suffered by 45 homeowners and business operators across the Klang Valley, Johor, and Negeri Sembilan. Their tenants had allegedly stolen their identities to carry out illegal Bitcoin mining, leaving them with exorbitant electricity charges.

These incidents highlight a disturbing trend where property owners become unwitting victims, burdened with debts accrued from activities they had no knowledge of or involvement in. 

How You Can Protect Yourself From Power Theft

If you own rental property, here are a few proactive steps you can take to guard against electricity theft tied to illegal crypto mining:

1. Install The myTNB App To Monitor Consumption

Stay informed by regularly checking electricity usage through the myTNB app. You’ll be able to monitor electricity consumption in real time and detect any unusual spikes. If you have smart meter, check it regularly or put on the limit usage function so you’ll be notified if the usage is unusually high. Find out more about TNB Smart Meters here

2. Make Sure You Change The Bill To Your Tenant’s Name

Already have the myTNB app? Make sure that the electricity bill is registered under the tenant’s name, not yours, to help separate responsibility. You’ll still be able to monitor your tenant’s electricity usage and ensure that no suspicious activity is happening in your rental property! 

3. Report Any Tampering Immediately

If you suspect your meter has been tampered with, report it right away to the Energy Commission of Malaysia (Suruhanjaya Tenaga). Provide all relevant documents to aid investigations — the sooner authorities step in, the better your chances of resolving the issue and avoiding massive bills.

4. Beware Of “Too Good To Be True” Offers

If someone claims they can help you reduce your electricity bill through unofficial means, be cautious. This could be a scam. Always verify with the Energy Commission before agreeing to anything. 

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Stay Vigilant – Download The myTNB App Today! 

Cryptocurrency mining isn’t going away anytime soon, and while it may be legal when done properly, illegal setups often come at someone else’s expense. Don’t let that someone be you.

By taking steps to monitor your property’s electricity usage, you can protect yourself against becoming a victim of crypto-related power theft. Download the myTNB app today and stay informed, alert, and in control of your property’s energy consumption. 

• TAGS:
• cryptocurrency mining
• myTNB
• myTNB app
• PSA
• TNB