Tenaga Nasional Berhad (TNB) reported a staggering loss of RM441.6 million due to electricity theft linked to illegal bitcoin mining operations between 2020 and September 2024.
This alarming figure was revealed by the Director of the Bukit Aman Criminal Investigation Department (JSJ), Datuk Seri Mohd Shuhaily Mohd Zain, during a press conference held recently.
Since 2020, the authorities have carried out 2,091 raids across the country in an effort to combat this illegal activity, through a joint operation known as 'Ops Letrik'.
The annual report shows a significant increase in electricity theft cases, starting with RM5.9 million in 2020, jumping to RM140.4 million in 2021, and further increasing to RM124.9 million in 2022.
In 2023, losses were recorded as much as RM67.1 million, while RM103.1 million was recorded so far this year.
Although TNB and JSJ have been working together since 2020 to combat this activity, there is concern when the value of losses shows a consistent trend compared to the volatility of the bitcoin market.
Datuk Seri Mohd Shuhaily stressed the need for an in-depth analysis of case statistics from 2022 and 2023, with the question of whether market patterns directly impact losses or if operational actions have a significant influence.
As a sign of solidarity, TNB recently donated nine four-wheel drive vehicles and 25 containers to store case goods to assist the Royal Malaysian Police in their ongoing operations against illegal bitcoin mining.
This contribution shows how critical this issue is and the need for immediate action to protect the nation's assets.
In this context, the effect of electricity theft is not only detrimental to TNB but also affects consumers who pay electricity bills.
Strict action must be taken to curb this theft and ensure the sustainability of the country's energy resources.
Now, the main focus is on protecting TNB's assets and minimizing the financial losses that continue to increase due to rampant electricity theft.
