SESB loses RM16 mln due to cryptocurrency mining activities – CEO
TAWAU: The Sabah Electricity Sdn Bhd (SESB) has recorded RM16 million in losses over 11 months this year due to cryptocurrency mining activities such as bitcoin that used illegal electricity connections in Sabah.
Its chief executive officer Mohd Yaakob Jaafar said during this period, SESB in collaboration with the Royal Malaysia Police (PDRM) raided 54 premises that were identified as making illegal power connections for the activity.
He said one of the offenders was arrested in Tuaran, while other locations conducting the activity throughout Sabah had been identified with further action now in the process of being implemented.
“I seek the public’s cooperation to report any such activities to SESB that not only causes losses for the company but for all users and customers as well because when there is an illegal connection it will indirectly cause supply disruptions due to excessive current loads (to conduct mining),” he said.
Mohd Yaakob told reporters this a er the handing over of SESB operational support equipment to the Criminal Investigation Department (JSJ), Sabah contingent police headquarters (IPK) here yesterday, a ended by Bukit Aman JSJ director Datuk Seri Abdul Jalil Hassan.
Mohd Yaakob said illegal electricity connections involving bitcoin mining began in 2018 and currently SESB has 11 enforcement teams actively carrying out operations to curb the activity.
“The non-technical loss due to the illegal bitcoin mining is around seven per cent on average, which is equivalent to a loss of RM140 million a year, so it is reasonable for SESB to combat this so that this loss does not burden SESB,” he added.
Meanwhile, Abdul Jalil said the cooperation between PDRM and SESB is important to completely eradicate electricity the activities including cryptocurrency mining activities in Sabah.
He said Sabah JSJ needs to step up investigations and operations involving cases of illegal wiring connections and electricity the activities for bitcoin mining.
“The police in cooperation with SESB will take strict action against any party that steals electricity in Sabah,” he added.
SESB yesterday handed over support tools worth RM120,000 for the use of police members for operational tasks involving the eradication of cryptocurrency mining activities in Sabah.