One thousand sixty-nine Bitcoin mining machines were disposed of earlier this Friday at a Malaysian police station, The Star reports. A video—which shows ASICs being brutally crushed with a drum roller—made the rounds on social media today, but many falsely attributed it to the Chinese government amid China''s clampdown on the industry.
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MELAKA, March 26 — Melaka police are hunting for a man believed to be the main culprit behind a bitcoin currency mining syndicate in the state, causing Tenaga Nasional Berhad to suffer losses of about RM9 million since February 2019.
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Cryptocurrency News: Malaysian authorities reportedly seized and shut down 1,720 bitcoin mining machines in a major electricity theft crackdown, according to a Bitcoin.com
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When enough miners stop mining, the mining difficulty will drop and it will become more profitable for those who remain. In this way, Bitcoin mining will generally always be profitable for someone. There might be gaps after large, abrupt Bitcoin price drops where mining is temporarily profitable for no one, but the network will fairly quickly compensate by lowering mining difficulty.
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Malaysian police also arrested a 28-year-old caretaker in Ayer Tawar on suspicion of engaging in illegal bitcoin mining activities and involvement in electricity stealing. “The arrested man has been in custody for four days and is under investigation under Sections 379 and 427 of the Criminal Code and the 1990 Electricity Act.”
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