Illegal crypto mining surges in Malaysia amid unclear policies
Malaysia’s crypto mining market may hit $5.13 billion in 2025, but illegal mining and a lack of regulation could limit its full potential.
Rampant electricity theft by illegal miners, inconsistent policies and a lack of legal clarity may deter Malaysia from tapping the potential of cryptocurrency mining, according to an industry report released by the Access Blockchain Association of Malaysia.
The report predicts that Malaysia’s crypto mining market will grow 110.2% in 2025 — from $2.44 billion to $5.13 billion — catalyzed by its strategic location, growing tech ecosystem and expertise in Shariah-compliant finance. Still, the report suggests the country must iron out several internal factors to maintain sustained growth.
Malaysian multinational electricity company Tenaga Nasional Berhad (TNB) lost 441.6 million Malaysian ringgit ($104.2 million) to electricity theft between 2020 and September 2024, which the company attributed mainly to illegal Bitcoin (BTC) mining. Losses from 2018 to 2021 reached 2.3 billion ringgit.
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