How much is crypto mining contributing to electricity theft in the UK?

They say electricity theft has increased by more than 75% in the UK since 2012. Crypto mining, cannabis farms, and the high cost of living are believed to be the top three reasons for electricity theft.

While cryptocurrency mining is a lucrative business, it is labor intensive with high electricity requirements. Hence, various bad actors have found loopholes in my cryptocurrency to steal electricity.

Is Crypto Mining Causing a Big Increase in Electricity Theft?

According to the BBC, there were more than 3,500 cases of electricity theft in the UK in 2021-2022. The publication described the electricity theft.

“Electricity theft takes place where meters are rigged or diverted to avoid paying for electricity.

“It leaves live wires vulnerable and often involves bypassing fuse boxes, increasing the risk of overheating household appliances or fire and death.”

In the year Cases have increased by 75 per cent since 2012, when there was a sharp increase in electricity theft activity after the first COVID-19 lockdown in the UK.

London Fire Brigade Assistant Commissioner Charlie Pugsley believes cannabis farming and crypto mining are behind the electricity theft case. In the year In 2021, West Midlands Police discovered an illegal Bitcoin (BTC) mining operation where more than 100 devices were connected to bypass the electricity supply.

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Of course, crypto mining is an energy-intensive business that requires a large capital investment to run the business. Due to the increasing difficulty of mining and increasing hash rate, some legitimate crypto mining businesses are at risk of becoming unprofitable.

Electricity costs are one of the highest recurring costs for mining businesses. But criminals bypass this cost by stealing electricity. Earlier this week, BeenCrypto reported that criminals were using the prison's electricity to run bitcoin mines inside the Tocorn prison in Venezuela.

Apart from the UK, the theft of electricity by miners is proving to be a big issue for Malaysian authorities. In the year In March 2022, BeenCrypto reported that crypto miners stole an estimated $2 million worth of electricity in 2021.

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