Published on augustus 23, 2024, 12:28 am
Image source: Fox News
```json [ { "TLDR": "Bitcoin mining activities surged in Southeast Asia after China's crackdown, leading to electricity theft issues; Malaysia seized rigs worth thousands of dollars. Other countries like Thailand, Indonesia, and Laos faced similar challenges. Meanwhile, China focused on NFT technology for global distribution of cultural assets amidst maintaining strict crypto regulations." } ] ```
Our weekly news roundup from Asia brings to light crucial developments in the industry. Southeast Asia has emerged as a significant Bitcoin mining hub following China’s crackdown in 2021, leading to authorities grappling with a surge in electricity theft to power these operations.
In Malaysia, seven individuals were recently apprehended for illegally mining Bitcoin using stolen electricity, resulting in the confiscation of 52 mining rigs valued at approximately $57,000. This incident underscores a broader issue of electricity theft within the region related to Bitcoin mining activities.
Malaysia’s deputy energy minister revealed that illegal crypto-mining operators had illicitly consumed an estimated $723 million worth of electricity between 2018 and 2023. The Malaysian authorities made headlines by using a steamroller to crush nearly 1,000 Bitcoin mining rigs worth $452,000, mirroring similar actions taken previously.
The trend extends beyond Malaysia; reports from Thailand detail investigations into electricity theft leading to the seizure of mining rigs exceeding $5.8 million. Indonesia and Laos have also contended with similar challenges, with instances of shutdowns and suspensions due to various reasons like energy shortages and non-payment of bills.
On the other hand, Beijing Cultural Investment Development Group’s subsidiary, Beiwen Digital partnered with JME Capital for an initiative termed “NFT 2.0 era.” This collaboration aims to digitize and globally distribute iconic Chinese cultural assets through non-fungible token (NFT) technology. Notable assets include renowned pieces such as Up the River During Qingming painting and Mount Wutai.
Despite China’s strict stance on cryptocurrencies, their interest in blockchain remains steadfast. Recent developments debunked speculations about lifting bans on crypto transactions; instead, stringent measures were enforced against money laundering via crypto dealings. In contrast, the global NFT market has witnessed a downturn with significant drops in prices for prominent NFT collections like Bored Ape Yacht Club and CryptoPunks.
South Korea faced an increase in cryptocurrency-related scams prompting warnings from regulatory bodies against fraudulent exchanges impersonating closures and asset burnings. Similarly, financial authorities conducted inspections on cryptocurrency exchanges following new laws aimed at curbing suspicious transactions.
While East Asia deals with changing dynamics around cryptocurrencies and regulations impacting exchanges’ operations, Japanese investment firm Metaplanet made headlines with additional Bitcoin purchases.
Original article posted by Fox News
