Report: The Malaysian encryption mining market is expected to rise by 110.2% this year to $5.13 billion, and the issue of illegal mining urgently needs to be addressed.

Gate News bot message, an industry report released by the Access Blockchain Association in Malaysia shows that rampant electricity theft by illegal miners, inconsistent policies, and unclear laws hinder the potential economic potential of crypto mining activities in Malaysia.

The report predicts that, driven by its strategic location, an evolving technology ecosystem, and expertise in Sharia-compliant financial practices, Malaysia's crypto mining market will grow by 110.2% by 2025, increasing from $2.44 billion to $5.13 billion. However, the report also notes that Malaysia must address some internal factors to maintain sustainable growth.

The Malaysian multinational power company Tenaga Nasional Berhad ( lost 441.6 million Malaysian Ringgit (104.2 million USD) from 2020 to September 2024 due to electricity theft, primarily attributed to illegal Bitcoin mining activities. Previously, losses from 2018 to 2021 had reached 2.3 billion Ringgit (542 million USD).

The report added that if Malaysia could bring a small portion of illegal operators into the metered connection, it could generate a stable revenue source of millions of dollars from crypto mining.

Source: Cointelegraph