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What is Malaysia Thinking?
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I just came across a bizarre video of a steamroller just crushing several Bitcoin Miners and even though it is not clear what the version of those Miners is I still feel like that was just downright stupid to do that. Upon further research, I found out that the Malaysian Government had conducted a search of Illegal Mining in their Country and they found over 1000 Bitcoin Miners from their search that were illegally running their operations without the government's knowledge. They were siphoning Electricity to run these operations which I feel shouldn't be done but destroying the miners is just dumb.
The estimated cost of the destroyed miners is around 1.2 Million USD even if they offered a hefty discount there would be a lot of buyers willing to buy these Miners off the hands of the Malaysian Government. China just a few months back auctioned off a bunch of Bitcoin Miners and made a lot of money so it was really strange to see Malaysia opting for destruction instead of getting some financial benefit from this situation.
The stance on Cryptocurrencies in Malaysia is still blurry as they are neither in favor nor against crypto and even though I know stealing Electricity to Mine Bitcoin is not a thing anyone should do but I just can't shake this feeling that the Malaysian Government is leaning towards a not so favorable approach towards Crypto in general. This is just my opinion on this recent spectacle from the Malaysian Government and I would love to hear what your thoughts are on this one.
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