TNB Might Implement Special Tariff for Cryptocurrency Mining

With cryptocurrency miners frequently using electricity illegally, TNB plans on curbing this issue by implementing a special tariff for them. Here’s what you need to know.

TNB: Special Tariff for Cryptocurrency Mining

Picture credits: FMT

After several cases of cryptocurrency miners illegally using electricity, TNB is looking to implement a special tariff just for them. A proposal for it is ready, and it’s pending approval from the Energy Commission (EC).

From what we know thus far, there has been over 610 cases of illegal electricity tapping in 2018, but that number has significantly grown to 3090 cases last year, with over 528 people arrested and over RM54 million worth of equipment being seized. As such, there is a dire need to address the issue.

Over 998 Bitcoin mining premises have been squashed via Ops Power. Apparently, the syndicate in charge of them have been regularly bribing TNB technicians, which resulted in a lost of RM2.3 billion since 2018. The Malaysian Anti-Corruption Commission (MACC) has frozen 126 accounts with a total value of RM4.47 million and seizing 1,157 mining equipment worth RM2.3 million.

It’s worth pointing out that cryptocurrency mining itself is not illegal in Malaysia. It’s the use of electricity that makes it illegal, and it also poses risks for nearby communities as the equipment could pose as a fire hazard or cause power outages. Both individuals and businesses can submit applications to TNB for cryptocurrency mining, and they will appropriately listed for commercial use.

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Pokdepinion: I do wonder how many of them will drop out of it due to the inevitable rising cost of mining as a result of this. I’m personally curious as to how much those special tariff rates are.