Video: Bitcoin Crackdown Gets Very Literal In Malaysia As Police Crushes 1,069 Mining Rigs Under Steamroller

A video of Malaysia literally cracking down on Bitcoin BTC/USD by destroying 1,069 confiscated Bitcoin mining rigs with a steamroller has gone viral on social media.

What Happened: Malaysian police destroyed the mining rigs, worth about $1.26 million, after they were seized for illegally mining Bitcoin using stolen electricity, according to a video of the event posted by the Malaysian news portal DayakDaily.

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The machines were seized during raids earlier this year as part of a joint operation between law enforcement and electric utility Sarawak Energy in the Malaysian city of Miri. Eight individuals were also arrested for being involved in illegal mining activities.

Assistant Commissioner of Police Hakemal Hawari was quoted by CNBC as saying that the miners stole $2 million worth of electricity from Sarawak Energy power lines.

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Why It Matters: Mining rigs utilized a significant amount of electrical power during cryptocurrency mining. Bitcoin mining is the process by which new bitcoins are entered into circulation.

According to the Cambridge Bitcoin Electricity Consumption Index, the amount of energy needed to mine Bitcoin is more than the electricity consumption of countries such as Austria and Colombia. Malaysia accounted for 3.44% of all the world’s Bitcoin miners in April.

Price Action: Bitcoin is down 0.5% during the last 24 hours, trading at $31,569.95 at press time.

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