Report: Malaysia's Cryptocurrency Mining Market to Grow to $5.13 Billion by 2025

An industry report released by the Malaysia Blockchain Association indicates that rampant electricity theft by illegal miners, inconsistent policies, and a lack of legal clarity are hindering Malaysia from tapping into the potential economic benefits of cryptocurrency mining. The report predicts that driven by its strategic location, evolving tech ecosystem, and expertise in Shariah-compliant finance, Malaysia's cryptocurrency mining market will grow by 110.2% by 2025, increasing from $2.44 billion to $5.13 billion. However, the report notes that Malaysia must address several internal factors to sustain this growth. Malaysia's multinational power company, Tenaga Nasional Berhad (TNB), lost 441.6 million Malaysian Ringgit (approximately $104.2 million) due to electricity theft from 2020 to September 2024, attributing the losses mainly to illegal Bitcoin mining. Previously, the company suffered losses of up to 2.3 billion Ringgit (approximately $542 million) from 2018 to 2021.