On July 22 and 23, Malaysian authorities carried out raids that dismantled a Bitcoin mining syndicate in Johor. The operation, led by Tenaga Nasional Berhad (TNB), targeted four rented locations where illegal cryptocurrency mining was taking place.
The Johor police arrested three men involved: a manager overseeing the scheme and two technicians. They confiscated 71 mining rigs, which reportedly generated between RM80,000 and RM100,000 (around $25,000) monthly. The key to their profitability was the theft of electricity, enabling what would otherwise be a costly and unprofitable venture.
The bust, known as Ops Letrik, exposed the underground economics of illicit mining in the region. TNB absorbed the electricity costs, effectively turning stolen power into a high-margin operation for the syndicate.
The raids unfolded across residential and commercial properties in Iskandar Puteri, Johor Bahru Utara, and Kulai, with each premise rented for approximately RM5,000. The joint effort involved the Johor Contingent Police Headquarters’ Criminal Investigation Department and TNB’s Southern Region SEAL team.
Meanwhile, Bitcoin (BTC) prices hovered just above $65,000, slipping 0.4% in the last 24 hours after dropping below $66,000. The digital asset is holding its uptrend, eyeing a potential breakout above $67,500-$68,000 that could push it to $74,000.
