With the size of the cryptocurrency market, valued at over USD1 trillion, any form of loss in the million dollar range is almost never newsworthy on a global scale.
However, the Royal Police Malaysia (PDRM) managed to make headlines simply because of its sheer resolve and method to send a clear message to illegal Bitcoin miners.
In a grandiose fashion, the police laid out 1,069 Bitcoin mining machines in a parking lot and crushed them with a steamroller.
Many international news organisations ran the news with a bit of cheekiness in their reports. American business news channel CNBC described PDRM's operation as "a crypto crackdown — literally".
American-Canadian digital media group VICE said, "Malaysian authorities did not mess around when they broke up a cryptocurrency mining farm..."
The incident was also covered by New York Post as well as a dozen cryptocurrency news sites and computer enthusiast portals.
In every report, they included a 48-second video showing a steamroller driving over the Bitcoin mining machines, flattening them like they were dough on a pastry board.
The incident took place at a parking lot outside Miri police headquarters in Sarawak
According to Dayak Daily, the Bitcoin mining machines were seized after the police conducted six raids with Sarawak Energy Berhad (SEB) between February and April in the city.
During the raids, eight suspects were arrested, six of whom have been charged under Section 379 of the Penal Code for electricity theft.
Miri police chief ACP Hakemal Hawari said the suspects were fined up to RM8,000 and jailed for up to eight months.
He said the suspects' activities caused SEB to suffer a loss of RM8.4 million during that three months
In the past, their activities had also caused power outages in the city.
Speaking to CNBC, Hakemal said electricity theft by Bitcoin miners led to three houses burning down in the city.
Although Bitcoin mining is not illegal in Malaysia, there are stringent rules around power use.
Bitcoin or crypto mining is an energy-intensive process that creates new coins while executing transactions.
Many serious miners use computers that are specifically designed for the controversial process.
The recent crash of the Bitcoin price can be contributed to the cryptocurrency crackdown in China and investors' concern over the sustainability of the new financial system.
According to the Cambridge Center for Alternative Finance, it is estimated that Malaysia accounts for 3.44% of all the world's Bitcoin miners, making the country a top 10 mining destination on the planet.
As of today, 21 July, Bitcoins price was down by 1.36% to USD29,800.
In 2021, the coin with the biggest market capitalisation crashed more than 50% from its all-time high, causing anyone who bought and held the coin at the beginning of this year to make little to no gain.