According to an industry report released by the Malaysian Blockchain Access Association, rampant power theft by illegal miners, inconsistent policies, and a lack of legal clarity have hindered Malaysia from tapping the potential economic potential of cryptocurrency mining.
The report predicts that the cryptocurrency mining market in Malaysia will grow by 110.2% from $2.44 billion to $5.13 billion by 2025, driven by its strategic location, evolving tech ecosystem, and Sharia compliance financial expertise. However, the report notes that Malaysia must address a number of internal factors to maintain continued growth.
Malaysian multinational power company National Energy Berhad (TNB) lost 441.60 million Malaysian ringgit (approx. $104.20 million) due to power theft between 2020 and September 2024, which it attributed mainly to illegal bitcoin mining. Previously, the company lost as much as 2.30 billion ringgit (approx. $542 million) between 2018 and 2021.
Report: Malaysian Cryptocurrency Mining Market to Grow to $5.13 billion by 2025
2025-06-09 08:55:06
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