After seizing more than $450,000 worth of Bitcoin (BTC) mining equipment, Malaysian justice has ordered its destruction. What do we know?
Malaysian court orders destruction of 985 Bitcoin (BTC) mining machines
While some countries welcome Bitcoin (BTC) mining as an opportunity to accelerate their energy transition, others, such as Malaysia, view the topic with a more critical eye. For example, Malaysia Gazette, a local newspaper, reported that Perak district police destroyed 985 mining machines that she had seized.
In total, this represents an estimated amount of around 1.98 million Malaysian ringgit, equivalent to more than $450,000.
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This seizure comes from a case spanning from 2022 to last April. While the confiscated equipment could simply have been resold for a profit, its destruction would result from the laws in forcein particular the “Regulation on environmental quality (scheduled waste)» from 2005.
Superintendent Hafezul Helmi also cites other laws:
Raids were carried out at several shops in Seri Iskandar, where two local men were charged in court. An investigation was launched under Section 427 of the Penal Code and Section 37 (1) of the Electricity Supply Act 1990.
Furthermore, this destruction was carried out under the supervision of a “agent approved and registered with the Ministry of the Environment“, although it is not clear whether the electronic components of this equipment were subsequently recycled properly or not.
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For its part, BTC is trading at $59,300, down 2.6% over 24 hours. For its part, Bitcoin's hashrate represents 623 exahashes per second. If the computing power deployed on the network has struggled to climb since the halving, such a value remains close to the historic high.
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Source: Malaysia Gazette
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Since 2021, I have devoted my free time to seriously training myself on cryptocurrencies in order to acquire as much knowledge and credibility as possible. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyses on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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