Bitcoin

<ul class="list-ic vertical">
 <li>1 <a>During the last few days of December, Indonesian police suspected electricity theft for Bitcoin mining activities.</a></li>
 <li>2 <a>The government is expected to design a significant framework after the recent occurrence of thefts amounting to 1 million USD.</a></li>
 <li>3 <a>Indonesia aims to become a hub for cryptocurrency acceptance in a regulated framework and ecosystem.</a></li>
</ul>
The police authorities in Indonesia have closed down 10 bitcoin mining operations. It is done after miners are accused of electricity theft amounting to approximately $1 million. Police have seized more than 1,100 Bitcoin mining machines, 11 meters of electrical cable, and computer equipment.
Irjen Agung Setya Imam Effendi, Chief of North Sumatra Police, claimed that the organizers of the operation had misused and tampered with electrical circuits to power a substantial number of Bitcoin mining machines.
<h2 class="wp-block-heading" id="suspension-of-1-million-theft">Suspension of $1 million theft</h2>
During the last week of December 2023, Indonesian police conducted raids at 10 different<a href="https://www.thecoinrepublic.com/2023/12/31/aptos-price-prediction-will-apt-price-go-beyond-12-in-jan-2024/" target="_blank" rel="noopener noreferrer nofollow"> Bitcoin mining</a> locations. These locations were suspected of illegal Bitcoin mining using fuel from stolen electricity.
Indonesia is increasing its involvement in the crypto space and historically, it has been recognized as a major mining hub. The upcoming involvement and adoption have shown new challenges for authorities as electricity is considered a criminal offense in Indonesia.&nbsp;
It was further known that the losses from these 10 electricity thefts collectively amounted to 14.4 billion Indonesian rupiah, which was then equivalent to $935,666. The penalties for electricity theft in Indonesia are imprisonment for five years and a fine of double the value of the unpaid electricity.
Irjen Agung Setya Imam Effendi stated that, as it can be seen, it is a PLN box. However, the electricity bill inside it does not have the proper flow, which is eligible to enter the box meter. Instead, what they used was the upper part, where electricity was directly taken from the pole and channeled inside.
<h2 class="wp-block-heading" id="information-about-the-raid">Information About the Raid</h2>
Raids were conducted in Medan and authorities have confiscated more than 1,100 bitcoin mining rigs. This act led to the detention of more than 25 individuals, who were suspected of involvement in these illegal operations.&nbsp;
They were stealing electricity from the state-owned electricity company, Perusahaan Listrik Negara (PLN), via tapping into utility poles for more than six months.&nbsp;
The monetary loss of $1 million might seem insignificant, but it translates to about 10 KW-hours at the most recent local energy prices, equivalent to an average yearly consumption of around 7,500 individuals in the country.&nbsp;
The raid has brought attention to the potential level of such illegal activities and their impact on the national availability and consumption of electricity.
<h2 class="wp-block-heading" id="how-did-the-authorities-respond">How Did the Authorities Respond?</h2>
In response to the recent discovery, an official from Perusahaan Listrik Negara affirmed that the company should collaborate and cooperate with authorities to address similar developments in the future.
The sudden development increases the significance of preventing electricity theft to maintain the stability and integrity of the national power grid.
The recent breakdown of Bitcoin miners’ stolen electricity in Indonesia underscores the evolving challenges that authorities face as the country navigates the growing cryptocurrency landscape.&nbsp;
These raids serve as a reminder that legal and regulatory frameworks must keep pace with the industry. As Indonesia evolves to establish itself as a crypto-friendly nation, creating a balance between regulatory measures and innovation becomes crucial for sustaining a healthy and secure digital economy.

Indonesia Police Confirmed Closure of 10 Bitcoin Mining Operators

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