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Malaysia Alarmed: Electricity Theft for Mining Increases by 300%, Homeowners Shocked by 6 Billion Bill!
The situation of illegal cryptocurrency mining in Malaysia is spiraling out of control, as Tenaga Nasional Berhad (TNB) – the largest national power company in the country – reported a nearly 300% increase in electricity theft cases from 2018 to 2024.
From 610 cases in 2018, the number of electricity theft cases for cryptocurrency mining has increased to 2,397 cases in 2024, causing hundreds of millions of USD in damages and putting the national power grid in a state of overload.
From 610 cases in 2018, the number of electricity theft cases for cryptocurrency mining has increased to 2,397 cases in 2024, causing hundreds of millions of USD in damages and putting the national power grid in a state of overload.
📈 Ringgit Rebounds Against US Dollar on Improved Risk Appetite! 🇲🇾💵
The Malaysian ringgit closed stronger today, reflecting growing investor confidence and a more optimistic market outlook.
✨ Key Highlights:
🔹 Stronger Close:
📊 Ringgit rose to 4.2215/2275 against the US dollar
⬆️ Up from Tuesday’s 4.2345/2430
🔹 Investor Confidence Boosted:
🌍 Global uncertainties remain, but appetite for the ringgit is improving
📈 Backed by Malaysia's solid fiscal consolidation strategy
🔹 Expert Insight:
🗣️ Dr Mohd Afzanizam (Bank Muamalat Malaysia Bhd):
"Despite strong US economic data, the greenback looks weaker"
💡 Malaysia’s reforms and disciplined budgeting are driving confidence
🔹 US Influence:
🇺🇸 Consumer Confidence Index up from 85.7 ➡️ 98.0
🕒 Postponement of US-EU tariffs to July 9 signals willingness to negotiate
🔹 Ringgit Gains Across the Board:
💴 Japanese Yen: 2.9271/9315
💶 Euro: 4.7838/7906
💷 British Pound: 5.7028/7109
🇸🇬 Singapore Dollar: 3.2776/2825
🇹🇭 Thai Baht: 12.9355/9614
🇵🇭 Philippine Peso: 7.60/7.62
🇮🇩 Indonesian Rupiah: 259.0/259.5
#BinanceHODLerSOPH
The Malaysian ringgit closed stronger today, reflecting growing investor confidence and a more optimistic market outlook.
✨ Key Highlights:
🔹 Stronger Close:
📊 Ringgit rose to 4.2215/2275 against the US dollar
⬆️ Up from Tuesday’s 4.2345/2430
🔹 Investor Confidence Boosted:
🌍 Global uncertainties remain, but appetite for the ringgit is improving
📈 Backed by Malaysia's solid fiscal consolidation strategy
🔹 Expert Insight:
🗣️ Dr Mohd Afzanizam (Bank Muamalat Malaysia Bhd):
"Despite strong US economic data, the greenback looks weaker"
💡 Malaysia’s reforms and disciplined budgeting are driving confidence
🔹 US Influence:
🇺🇸 Consumer Confidence Index up from 85.7 ➡️ 98.0
🕒 Postponement of US-EU tariffs to July 9 signals willingness to negotiate
🔹 Ringgit Gains Across the Board:
💴 Japanese Yen: 2.9271/9315
💶 Euro: 4.7838/7906
💷 British Pound: 5.7028/7109
🇸🇬 Singapore Dollar: 3.2776/2825
🇹🇭 Thai Baht: 12.9355/9614
🇵🇭 Philippine Peso: 7.60/7.62
🇮🇩 Indonesian Rupiah: 259.0/259.5
#BinanceHODLerSOPH
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