China isn’t the only country cracking down on crypto. A recent video shows the Malaysian government crushing 1,069 Bitcoin mining rigs with a steamroller.
The rigs, reportedly worth R18.2 million, were confiscated between February and April this year in the Miri province.
Malaysia doesn’t have legislation against crypto-mining itself, but Hakemal Hawari, Assistant Commissioner of Police, told CNBC that the Malaysian crackdown came after miners stole almost R30 million worth of electricity, drawing it from local power lines.
The Chinese government took a different approach with its seized mining machines, selling them in public auctions instead of destroying them.
One auction on Alibaba-owned classifieds website, Taobao, had a lot consisting of 2,100 crypto rigs, which sold for over R1.5 million.
Malaysia is among the top 10 Bitcoin-mining countries in the world, accounting for 3.44% of Bitcoin mining output worldwide as estimated by the Cambridge Bitcoin Electricity Consumption Index.
A video of the carnage was posted on YouTube.
The video’s description translates to: “Miri police disposed of 1,069 bitcoin machines worth RM5.3 million which involved seizures during February to April this year in the Miri district.