Home Bitcoin News Bitcoin Mining No, you are not going to get a particular TNB electrical energy tariff for those who mine cryptocurrency

No, you are not going to get a particular TNB electrical energy tariff for those who mine cryptocurrency

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Mining cryptocurrency is infamously vitality intensive, and a proposal by Tenaga Nasional Berhad (TNB) to supply a particular electrical energy tariff for this goal would’ve most likely made issues worse. Fortunately, the Vitality Fee has stepped in, saying it is not going to contemplate the plan.

“The Vitality and Pure Sources Ministry and TNB have been knowledgeable in regards to the choice, with a number of justifications,” the fee stated, including that it wished to make sure electrical energy provide prices wouldn’t be affected by any scheme being launched.

“Any proposal involving particular tariffs or discount of electrical energy tariffs will result in elevated electrical energy provide prices,” it continued. “All electrical energy shoppers will then bear these elevated prices. Because the regulatory physique for electrical vitality, we wish to keep away from displaying indicators of bias or discrimination in the direction of shoppers in the identical class.”

The company additionally stated it wished to keep away from setting a precedent for different sectors to use for particular tariffs or charge reductions. “Till at the moment, the Vitality Fee has obtained a lot of functions from totally different sectors, resembling agriculture and transportation, to cut back electrical tariffs. Even these requests can’t be thought-about for now.”

Electrical energy theft is one other phenomenon related to cryptomining, and the fee has carried out round 8,000 enforcement operations since 2018 to stamp it out. “The Vitality Fee will proceed to beef up enforcements now and again to eradicate electrical energy theft involving cryptocurrency miners,” it stated.

The information follows TNB chairman and chief govt officer Datuk Baharin Din saying in March {that a} proposal had been drawn up with particular tariff charges for Bitcoin mining, which had been submitted to the Vitality Fee for approval. His reasoning was that the corporate wished to curb unlawful mining and was dropping cash from unlawful electrical energy tapping nationwide.

Baharin added that TNB first realised there was electrical energy tapping for Bitcoin mining in 2018, throughout which there have been 610 instances. “However final yr, 3,090 premises have been used for electrical energy tapping for Bitcoin mining. The unlawful operations pose a danger to the premises in addition to others within the neighborhood, by way of electrical energy sharing,” he stated.

Unlawful cryptomining reached record highs in Malaysia last year, with the police arresting 528 individuals and seizing RM54 million price of apparatus – the latter represented a whopping 4,200% improve over 2020. Loads of international locations have both banned or restricted mining or are proposing rules on the apply, together with China and the European Union.

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