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Ipoh Landlord Slapped With RM1.1M Electric Bill Just After 2 Months In Crypto Mining Nightmare

Ipoh Landlord Slapped With RM1.1M Electric Bill Just After 2 Months In Crypto Mining Nightmare

The property owner, who did everything by the book and rented through a legit agency, thought they were just renting out space for storage.

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An Ipoh property owner’s ordinary rental agreement became a financial nightmare when cryptocurrency miners secretly took over their commercial space, leading to a staggering RM1.1 million electricity bill from national power company Tenaga Nasional Berhad (TNB).

The owner, who rented out the property through a legitimate agency, discovered the illegal mining operation on the upper floor of their building.

Despite the rental agreement stating the space was for storage purposes, the tenants had set up an extensive cryptocurrency mining operation without the owner’s knowledge.

Upon discovering the illegal activities and electricity theft, the owner promptly reported the matter to authorities.

However, in an unexpected turn of events, she found themselves solely liable for the enormous utility bill.

Property Expert Drops Truth Bomb

The case has sparked outrage on social media, with many questioning why property owners are held accountable for utility theft committed by fraudulent tenants.

Critics point out that despite similar cases occurring over the years, Malaysia’s regulatory framework has remained unchanged, leaving property owners vulnerable to getting wrecked by crypto-mining bandits.

Local property management guru Calvin Chai isn’t pulling any punches regarding Ipoh’s crypto mining problem.

Speaking to TRP, the real estate veteran said sneaky crypto miners are turning quiet shop lots into secret mining operations faster than you can say “Bitcoin”.

Some property owners and agents are literally walking into these traps because they’re too eager to get their properties rented out.

The Shocking Numbers Behind Crypto Mining’s Dark Side

TNB reported a loss of RM3.4 billion from electricity theft linked to illegal Bitcoin mining from 2018 to 2024.

The utility company conducted over 2,000 raids against illegal Bitcoin mining activities, indicating a substantial effort to combat this issue.

Crypto miners believe their activity is undetectable because their premises don’t have meters. 

However, TNB uses smart meters, remote monitoring, and other methods to detect irregularities.

READ MORE: [Watch] Homeowner’s Nightmare: Rental House Turned Into Illegal Bitcoin Mining Operation


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