On the recovery path

 

Penang property market to rebound amid lingering challenges

`
THE Penang property market, which had actually started seeing a rebound in transactions since last year, is expected to resume its recovery path into 2022.
`
CBRE|WTW director Peh Seng Yee says the Penang property market can expect a “rebound amid lingering challenges” this year.
`
“We do expect a recovery in market activity for 2022. Prices of landed properties will continue to remain resilient.
`
“For the high-rise sub-sector, it will continue to be a buyers market,” he says at the launch of CBRE|WTW’s 2022 Market Outlook Report, recently.
`
Peh adds that future launches will generally comprise self-sustained developments that will be on a smaller scale, while at the same time fulfilling the demand for affordable units.
`
Knight Frank Penang executive director Mark Saw also says the residential sub-sector in Penang has improved, posting higher volume and value of property transactions as of the third quarter of 2021.

`
Prop chtProp cht
`
“The Penang state government’s commitment to increase home ownership with plans for a range of affordable homes in various strategic locations, extension of the Penang Home Ownership Campaign until June 2022 and enforcement of mandatory installation of fibre optic telecommunication infrastructure for all new developments, will spur the state’s residential property market.”
`

EPF payout 6.1% for 2021, Look beyond EPF for retirement  EPF posts stronger performance amid economic rebound, focuses on rebuilding members’ savings
`
In terms of challenges, Peh says scarcity of sizeable land in Penang will still continue to pose development constraints.
`
“Additionally, the prolonging effects of the pandemic, especially with the new Omicron variant, could result in cautious spending and a wait-and-see approach.
`
“Stringent lending guidelines and concerns over job security could also potentially derail the market,” says Peh.
`
On the outlook of the Penang office market, Peh says the segment is expected to remain healthy this year, with stable rentals and occupancy rates.
`
“The prospects of co-working spaces still remain encouraging,” he says.
`
As for Penang’s retail sub-sector, Peh says the removal of movement restrictions since last year has been a boost to this sector.
`
“We see normalisation amid ‘freedom euphoria’. However, we expect rentals to be flattish and a widening gap between the newer and older shopper complexes.”
`
As for Penang’s hotel sub-sector, Peh says this segment is set for a steady recovery if the pandemic is significantly contained.
`
“The segment can be spurred further by travel bubbles and other government initiatives.
`
“We also see pent-up demand for medical tourism and intensifying market competition for the hotel sub-sector.”
`
Meanwhile, Knight Frank Malaysia in its real Estate Highlights for the second half of 2021, says the Penang residential market is expected to pick up this year, supported by a series of measures announced under various stimulus packages and Budget 2022.
`
“This will encourage people from various income levels to purchase their dream homes. The overhang of high-rise residential properties, especially in the category of condominiums and apartments, has also been growing.”
`

With limited new supply of purpose-built offices in the state (existing and future), Knight Frank says the occupancies and rental rates for better grade purpose-built office buildings are expected to hold steady.
`
“Meanwhile, with the growing work-from-home trend, some business premises have been converted into co-working space.”
`
Knight Frank noted that the country’s vaccination rate has continued to improve and with further easing of restrictions, the retail segment is expected to slowly recover.
`
“Selected retailers are expected to embrace the rise of eCommerce as they head down the path of recovery.”
`
It adds that Penang’s industrial segment has continued to remain strong and steady throughout the pandemic.
`
“This is especially with the Penang state government’s commitment to expand another two industrial parks in Batu Kawan, with focus on the logistics industry and the remaining phases for mixed industries.
`
“This industrial park is set to continue its history of the successful Bayan Lepas Industrial Park.”
`
Meanwhile, CBRE|WTW in its 2022 Market Outlook Report says property transaction activities in Penang increased for the period of January to September 2021.

`

“A total of 11,981 properties valued at RM7.23bil were transacted, reflecting 13.9% and 33.9% increase in volume and value, respectively, year-on-year.
`
“As more businesses are allowed to operate, the Penang property market has generally rebounded.”
`
CBRE|WTW is optimistic that the rebound will extend into this year.
`
“However, the rebound would be gradual as the pandemic lingers on, along with a sluggish economy and higher cost of living.”
`
CBRE|WTW also expects to see more bargain hunting for residential units this year.
`
“The overhang remains a concern. Prospective purchasers can negotiate for more discounts in addition to the incentives offered,” it says.
`
According to the National Property Information Centre (Napic), there were 30,290 unsold completed residential units (overhang) worth RM19.75bil as at September 2021, compared with 30,926 units worth RM19.99bil in the previous corresponding period.
`
Of the 30,290 overhang units, 18,829 units (or 62.2%) comprised high-rise units, while 6,803 units (22.5%) consisted of terrace houses.
`
The bulk of the overhang units were focused mainly in Johor (6,441 units), Penang (4,638 units), Kuala Lumpur (3,863 units) and Selangor (3,376 units).
`
Napic says 33.7% of the overhang properties consisted of units ranging between RM500,000 and RM1mil, while 28.4% comprised units ranging between RM300,000 and RM500,000.
`
Units below RM300,000 comprised 25.5% of the total overhang, while units above RM1mil (12.4%) consisted of the remaining unsold units during the period under review.
`
Knight Frank concurs that the overall property overhang status continues to remain elevated, especially in the high-rise residential segment.
`
“The performance of the residential sub-sector is improving gradually, registering higher volume and value of property transactions as of the third quarter of 2021,” it says.

Source link

Related News

Modern day Penang reclamations

  

Perak says no to Penang as it needs water

China home prices barely fall in sign of hope for builders

 
`

Related posts:

 

All steady on the home front in Penang residential properties

 

Penang's lively market

Many estate agents and developers generating interests in primary and secondary markets

 

Good time to invest in property now

 

Landed residential properties much sought after with resilent demand, Market insights

 

 

 

 

Penang property prices move sideways in Q1 2016

 

 

 

 

 

When will the property market pick up?

 

Penang Star Property Fair at Queensbay Mall 2016

Developers all smiles with results

 

China buyers eyeing Penang property in growing tourism

 

Young adults in developed countries rent, we buy houses for good

 

Singaporeans on buying sprees for Penang prewar houses; Residents see red

 

Better to buy a car or a house first?

 

 

 

 

 Flat property market seen for Penang

Beijing Paralympics opening ceremony 2022 as nation issues white paper

`
 

`

CGTN: China stands together with its people with disabilities ...

Victory Ceremonies | Para Alpine Skiing | Day 1 | Beijing 2022 Paralympic Winter Games

The emblem of the Beijing 2022 Paralympic Winter Games is seen on a flower bed with the theme of "Wonderful Winter Olympics" in Tian'anmen Square, as the cityscape for the Games is set to be completed on February 28, 2022. Photo: VCG
`
Chinese President Xi Jinping attended the opening ceremony of the Beijing 2022 Paralympic Winter Games on Friday when the Bird's Nest welcomes world guests again in a month, and the highly anticipated Winter Paralympics are expected to not only showcase China's parasports progress made through national development, but also marks a new milestone in the country's comprehensive welfare for people with disabilities, experts said.
`
China on Thursday issued its first white paper on sports participation of people with disabilities, which summarized China's efforts and achievements in developing parasports for the public as well as the competitive parasports.
`
Lü Yansong, vice minister of the Publicity Department of the Communist Party of China Central Committee, said that parasports mirror the living standards and human rights situation of 85 million people with disabilities in China.
`
China ensures the disabled enjoy rights in economic, political, social and cultural fields, laying a solid foundation for people with disabilities to participate in sports and social life and achieve comprehensive development, Lü said at a press conference held for the release of the white paper.
`
One can take a glimpse of the Winter Paralympics preparation to understand the improving welfare for people with disabilities in China.
`
One-fifth of the bearers of the ongoing torch relay have disabilities and the Paralympics flame was collected from local communities, including a school for the blind and a library of Braille books. Thirty percent of the performers at the opening ceremony of Friday had disabilities. Ninety-six Chinese athletes will compete in 73 events in all six sports, a sharp progress from Sochi 2014 where 10 athletes took part in six events across two sports.
`
Beyond the Paralympics, China sent disabled athletes to 160 international sporting events, bringing home a total of 1,114 gold medals between 2016 and 2020. In the same period, public parasports also made great progress and many people with disabilities benefited from the national plan of involving 300 million in winter sports after the successful bidding of Beijing 2022.
`
The progress China made in parasports was summarized in the white paper, entitled "China's Parasports: Progress and the Protection of Rights."
`
China attaches great importance to the welfare of people with disabilities since the founding of the People's Republic of China, and the cause of parasports quickly developed in the 1980s and saw historic progress since the 18th National Congress of the Communist Party of China in 2012, read the white paper.
`
Ping Yali, China's first Paralympics gold medalist, felt the progress. Ping, with visual disabilities, won Team China a gold in the 1984 New York Summer Paralympics.
`
She recalled her first trip to New York nearly four decades ago, when she was impressed by "facilities [for disability assistance and rehabilitation] foreign teams brought with them" when China did not have a rehabilitation center.
`
But in the 1990s, such centers were established across China and today, the training and supportive conditions for athletes with disabilities "are beyond imagination," Ping said.
`
Ping was talking about an entire system, which was also included in the white paper: a four-tiered parasports athlete spare-time training system.
`
The Beijing 2008 Summer Games were a milestone moment. The 2008 Paralympics motto of "transcendence, integration and sharing" reflected China's contribution to the values of the international Paralympic Movement.
`
The Games also left a rich legacy in sports facilities, urban transport, accessible facilities, and volunteer services that continued to benefit people with disabilities.
`

Editor: Deng Zijun/GT Graphic: Xu Zihe/GT
`
Beyond parasports
`
Many people still recalled that it was during the years when Beijing was preparing for the 2008 Olympics that accessible facilities were installed in large numbers in the capital city at key public venues such as subways. Other Chinese cities followed suit and significantly enhanced the country's barrier-free level, experts said.
`
China included barrier-free facilities into a national development plan. So far, 81 percent of entrances and exits, 56 percent of service counters, and 38 percent of toilets at community or village service centers are barrier free. Some 650,000 households that have family members with disabilities were renovated to be barrier-free during the anti-poverty campaign, according to data released at the press conference.
`
Between the two Paralympics, many new technologies and industries were developed to facilitate the lives of people with disabilities.
`
Audio reminders on public transport were applied universally, and many smart devices can help people with visual or audio disabilities.
`
Ping cited the experience of car-hailing. The platform will ask the driver to get prepared because she has a guide dog and people with disabilities can file complains online if they are rejected.
`
Exoskeleton, which will assist two Paralympics torch bearers during the relay, is being applied wider and more people with limb disabilities are expected to benefit from the technology.
`
A staff with the China Disabled Persons' Federation (CDPF) told the Global Times on Thursday that during the Ninth Five-Year Plan period (1996-2000), 3.78 million assistive devices were provided for the disabled. The number increased to 6.66 million in the 12th Five-Year Plan (2011-15) and further doubled between 2016-20.
`
Ping also noted a gradual change in social inclusiveness, and most people she encountered are willing to offer help when necessary and the fear of and discrimination against people with disabilities are decreasing.
`
Experts pointed out that parasports opened a window through which the ultimate goal is to engage people with disabilities to participate in, contribute to, and benefit from the country's social and economic development.
`
As the white paper said, developing parasports is key to people with disabilities to improve their physical and mental health and achieve all-round development. It provides an opportunity for the public to understand the potential of the disabled, and is of great importance in ensuring people with disabilities can enjoy equal rights, integrate readily into society, and share the fruits of economic and social progress.
`
Lü said that Chinese efforts make sure no one will be left behind in respecting and protecting human rights. Protecting the rights of people with disabilities and developing parasports are important parts of China's human rights protection cause.
`
China has established a welfare system that covers people with disabilities, gives the disabled assistance in the anti-poverty campaign, includes them in the National Fitness and Healthy China programs, and enhances public services for them, Lü said.
`
The country respects and ensures human rights in legislation and judicial procedures, using a series of laws and ordinances to protect the rehabilitation, education and employment of people with disabilities, while having international exchanges in the field to promote the building of a community with a shared future for mankind, the official said.

Source link

 

RELATED ARTICLES

 

• Beijing Winter Paralympics bring world warmth, human touch: Global Times editorial
•  
• 

“The two Olympics will be equally wonderful.” We expect on the Paralympic fields, disabled athletes will inject peace, warmth and positive energy into this turbulent world with their friendship, courage and strength.

 Equally splendid Beijing Paralympics a continuation of success, outline China's humanistic care for people with disabilities

 

Beijing 2022 Paralympics opening to highlight passion and self-empowerment, with 30% performers with disabilities: director Zhang Yimou

A day before the opening of the Beijing 2022 Paralympic Winter Games, renowned Chinese director for the Paralympics ...

Torch relay for the Beijing Paralympic Games underway in Zhangjiakou

The torch relay for the Beijing 2022 Paralympic Winter Games was held in Zhangjiakou on Thursday morning. The ...

Beijing 2022 Paralympic Games torch relay kicks off, with advanced tech helping torchbearers with disabilities

The torch relay for the Beijing 2022 Paralympic Winter Games kicked off on Wednesday at the symbolic Temple ...

Details about Paralympic villages show Beijing’s effort to foster Olympic spirit

Beijing 2022 Games' Olympic villages have been transformed into homes for around 1,700 Paralympics athletes and participants from ...

Mascots Bing Dwen Dwen, Shuey Rhon Rhon in high demand ahead of Paralympic Winter Games

Following hot sale of Bing Dwen Dwen - a panda-shaped mascot - during the Beijing 2022 Winter Olympic ...

 

Related posts:

 

2022 Olympics highlight genuine friendship beyond borders: Stunning closing ceremony shows charm of dual Olympic city

   ` Full Closing Ceremony | #Beijing2022   Live From Beijing 2022: Beijing 2022 closing ceremony takes place at ‘Bird’s Nest’ The Beijing .

 

Cryptocurrencies not recognised as legal tender in Malaysia

 `

Cryptocurrency Not To Be Considered 'Legal Tender'; Centre To Treat It Like Stocks & Bonds

 ;

Legal Tender? The Regulation of Cryptocurrencies

Cryptocurrencies will never become legal tender

`

Demystifying Crypto: Digital Assets and the Role of Government

 

Cryptocurrencies not recognised as legal tender in Malaysia, says deputy minister

  

Useful assets:Although digital assets are not recognised as legal tender, Yamani added it still has many different usage including as a class asset that can be invested in

 

Cryptocurrencies are still not recognised as legal tender in Malaysia as they do not exhibit characteristics of universal money, says Deputy Finance Minister II Yamani Hafez Musa.

Yamani said cryptocurrencies, also known as digital assets, are also not a payment instrument that is regulated by Bank Negara.
`
“Digital assets such as bitcoin and Ethereum are not suitable to be used as a payment instrument as these assets do not exhibit characteristics of money.
`
“In general, digital assets are not a store of value and a good medium of exchange.
`
“This is due to the state of digital assets which is exposed to volatility as a result of speculative investments,” he said when replying to a question raised by Nurul Izzah Anwar (PH - Permatang Pauh) in Dewan Rakyat on Thursday (March 3).
`
Nurul Izzah had asked about the government’s role in monitoring and regulating currency as well as cryptocurrency assets.
`
She also asked if the government had any plans to create digital currency taking into account Bank Negara’s involvement in Project Dunbar for international money transfers using blockchain technology.
`
In explaining the volatility of cryptocurrency, Yamani said bitcoin hit a peak of US$65,000 (RM272,382.50) in April 2021 but quickly saw a decline of 50% the following week.
`
He also said cryptocurrency is exposed to the risk of theft in which statistics from 2011 to 2021 showed that digital assets worth US$12bil (RM50.29bil) have been stolen through cyberattacks and hacking.
`
He added that bitcoin is also only able to process 10 transactions per second compared to 65,000 transactions per second on current payment systems such as Visa.
`
“Also, what is important is the huge impact on the environment because the electrical power that is used to process one bitcoin transaction can process 1.2 milliob visa transactions.
`
In 2020, the bitcoin network used 132 terra-watts per hour which is equivalent to the entire electricity consumption of Argentina,” he said.
`
Yamani added that currently, Bank Negara has also not decided to issue a central bank digital currency (CBDC) as the country’s domestic payment systems including the Real-time Retail Payments Platform continues to operate safely and efficiently to support Malaysia’s economic needs and allows real-time digital payments.
`
“Additionally, the monetary policy tools and existing finances also remain effective in maintaining monetary stability and the country’s finances,” he said.
`
Although digital assets are not recognised as legal tender, Yamani added it still has many different usage including as a class asset that can be invested in.
`
As such, he said the Securities Commission (SC) as the market regulator has set digital assets as a security under the law and is responsible to regulate its trading activities.- 

Source link

 

Related posts:

 

BLOCKCHAIN beyond Bitcoin

 

What is Blockchain Technology, its uses and applications?

 

What is Blockchain Technology, its uses and applications?

 

Govcoins and crypto to coexist 

 

Shocking! MACC officers posed as TNB meter readers were paid in bribes as string cripples Bitcoin syndicates

Sting operation on bitcoin-mining power theft racket nets 18 suspects Eighteen people have been arrested in relation to the bitcoin mining s..

 

Blockchain: Internet of Value/ Currency of Trust; Private cryptocurrency a misallocation among blockchain technology, say research & economist

 

China gets into blockchain race with US

 

China's new digital currency

 

 On Mcoin, Bitcoin and points of investment 

 

Related:

 

 China's Bitcoin trading plunges to 10% of global share from 90%: central bank

China's Bitcoin trading has plunged to 10 percent of global share from 90 percent, and the country has effectively curbed the speculation of crypto currency trading as part of an effortto fend off domesticfinancial risks and restore financial order, the central bank said on Thursday.

Shocking! MACC officers posed as TNB meter readers were paid in bribes as string cripples Bitcoin syndicates

Sting operation on bitcoin-mining power theft racket nets 18 suspects

Eighteen people have been arrested in relation to the bitcoin mining syndicate busted by a joint sting operation involving Tenaga Nasional Bhd (TNB) and the Malaysian Anti-Corruption Commission (MACC).

MACC stings bitcoin miners

Open sesame A fireman breaking open a reinforced door at one of the Bitcoin mining centres. The raiding team had to break two more such doors before they could enter the premises.
`

Electricity stealing spree comes to an end as Macc finally takes action

`
In the three years that MACC officers posed as TNB meter readers, they were paid a whopping Rm2.4mil in bribes. The Bitcoin mining syndicates were raking in much more – about Rm50mil a month – but this is about to end soon. JAYA: It was a sting operation that began three years ago during which time MACC officers disguised as TNB meter readers were paid Rm2.4mil in bribes.
`
Some were even offered Bitcoin – a first for graft busters – to turn a blind eye to the power theft by mining syndicates.
`
The masterminds could afford this. They were raking in a whopping Rm50mil a month from their 1,000-odd premises nationwide.
`
Yesterday, the anti-corruption officers crippled much of their activities by conducting simultaneous raids in Malacca, Negeri Sembilan, Kedah, Penang, Kuala Lumpur and Selangor. But it wasn’t easy.
`
“It took us an hour to break open two doors at each premises,” a source close to the investigation revealed.
`
“And then, there were three more vault-like doors to cut through before we could enter one of the premises,” the source said.
`
“We had to seek the help of the Fire and Rescue Services.”
`
Dozens of suspects were arrested, including the heads of the syndicates. More than 200 Bitcoin mining machines were also seized in yesterday’s raids that involved dozens of Tenaga Nasional officers.
`
“Some 350 MACC officers were involved in the probe,” said the source.
`
While it is not illegal to mine Bitcoin, power theft is.
`
This is done because running such an operation requires dozens of computer servers that would be in operation around the clock.
`
“This would require huge amounts of electricity,” said the source.
`
“The amount of electricity stolen at each premises could amount to RM40,000 per month,” added the source, saying that the syndicates earned around RM50,000 from every premises.
`
“If they had paid their electricity bills, they could still make a profit because most of them own dozens of premises each,” the source explained.
`
“But, greed got the better of them.”
`
Bitcoin mining uses sophisticated computer software to try to solve complex mathematical problems to unlock a “key” that will enable a new Bitcoin to be produced.
`
The Bitcoin market is highly volatile. Its value fluctuated from RM160,000 to RM277,000 in a month.
`
A MACC spokesman confirmed yesterday’s raids.
`
Yesterday, The Star reported that Bitcoin mining operators were reaping in millions at the expense of the public.
`
Local communities, including hospitals, that shared the same power source as the mining premises, were being deprived of supply.
`
Some buildings located near the Bitcoin mining premises experienced power outages often, with some burning to the ground.
`
It is understood that the graft busters began the sting operation following a sharp increase in losses incurred by the country due to electricity theft.
`
“Each premises owns around 80 to 120 Bitcoin machines.
`
“They bring in these machines from China via Port Klang. They declare it as computer equipment,” the source said.
`
Investigations are being conducted under Sections 16 (b) and 17 (b) of the MACC Act 2009 and if convicted, the guilty face a maximum imprisonment of 20 years and can be fined not less than five times the value of the bribe or RM10,000, whichever is higher.
`
On Jan 24, Energy and Natural Resources Minister Datuk Seri Takiyuddin Hassan said the country lost more than Rm2.3bil in bitcoin mining activities – an increase of 400% over the past four years.
`
By ALIZA SHAH alizashah@thestar.com.my

 

Busting bitcoin bribers

 

On the watch: A TNB officer checking on a bitcoin mining premises.

 `MACC zeros in on miners who pay meter readers to look the other way

PETALING JAYA: Bitcoin mining operators running their operations on stolen electricity and bribing electricity meter readers to help them hide their actions will soon have to pay the piper.
`
The Malaysian Anti-corruption Commission (MACC) is zooming in on them and their crime which is causing financial losses in the billions of ringgit.
`
“Graft-busters have been looking at dozens of such operators and they are expected to make their move anytime now,” revealed sources with knowledge of the investigation.
`
It is learnt that these operators, who have branched out to every state in Malaysia, are even willing to pay up to a quarter million ringgit as bribes to meter readers to look the other way and give them a miss.
`
While it is not against the law to mine bitcoin, running such operations requires dozens of computer servers working on a 24-hour basis, which requires huge amounts of electricity.
`
Many are not paying their dues and are instead stealing electricity by illegally tapping into power sources or tampering with the meter.
`
In an interview with The Star, sources said that in addition to cash, these syndicates even offered bitcoin, or cryptocurrency, as bribes.
`
The authorities, they added, kickstarted their on-ground investigation a few years ago following the sharp increase of losses incurred by the country due to electricity theft by bitcoin miners.
`
It is understood that the investigations are currently being conducted under Sections 16 (b) and 17 (b) of the MACC Act 2009, which stipulates that giving or offering bribes is equal to the offence of accepting bribes.
`
If convicted, the person faces maximum imprisonment of 20 years and can be fined not less than five times the value of the bribe or RM10,000, whichever is higher.
`
However, enforcers face several challenges in thwarting these illegal activities, especially since these premises are usually as tightly sealed like as a war-time bunker.
`
On Jan 24, Energy and Natural Resources Minister Datuk Seri Takiyuddin Hassan said the country had lost more than Rm2.3bil in bitcoin mining activities – an increase of 400% over the past four years.
`
The number of cases has also drastically increased year-on-year.
`
In 2018, there were 610 cases while there were 1,043 cases in 2019, 2,465 cases in 2020 and 3,091 cases in 2021, totalling 7,209 cases.
`
By ALIZA SHAH alizashah@thestar.com.my

 

Syndicate’s greed ravaging local communities 

 

Fire hazard: The energy intensive mining activities of bitcoin machines that run 24/7, can lead to power outages, damage to electrical appliances and worse – potential fires. — Photo courtesy of TNB

PETALING JAYA: Bitcoin mining operators running on stolen electricity are reaping in millions at the expense of the public.
`
Sources said the syndicates behind the operations were depriving the local communities – including critical sectors such as hospitals which shared the same power source – of their supply.
`
The energy intensive mining activities of bitcoin machines that run 24/7, can lead to power outages, damage to electrical appliances and worse – potential fires.
`
“Each premises is loaded with mining machines and the operators rely on air conditioning to help cool the equipment.
`
“So, their electricity bills can go up to RM40,000 per month for each premises but their profit is just slightly above the amount.

`
CLICK TO ENLARGECLICK TO ENLARGE

`

“That is why they have no choice but to operate using illegal sources (of electricity),” the sources told The Star.
`
The Star learnt that some buildings located near these bitcoin mining premises had experienced power outages, with some even burning to the ground.
`
“These bitcoin mining premises often use fuses that do not adhere to safety standards and load, exceeding the capacity of the cables. So, unfortunately for their ‘neighbours’, when the fire breaks out, they are also affected.
`
“There were instances where reports were lodged over power outages at dialysis centres and clinics and upon investigation, authorities found that these were due to bitcoin mining premises illegally tapping into the power,” said the sources.
`
It is understood that some of these bitcoin mining operators own hundreds of premises.
`
“Bitcoin mining” is a process of using sophisticated computer software to try to solve complex mathematical problems to unlock a “key” to produce a new bitcoin.
`
The first bitcoin miner to solve the puzzle is rewarded with a bitcoin.
`
Only one miner can add a new block to the blockchain every 10 minutes by solving the puzzle and to maintain a competitive advantage, many operators would scale up or upgrade their equipment to run round the clock.
`
A study in the United States suggested that a single bitcoin transaction required 2209.41 kilowatt per hour (kWh), which was equivalent to 75.73 days’ worth of power consumed by an average household in the country.
`
The bitcoin market is highly volatile, with its value having fluctuated from more than RM277,000 in October to over RM160,000 this month.

Source link

MACC stings bitcoin miner

 

Tools of the trade: (From left) energy commission ceo abdul razib dawood, azam and Baharin looking at the seized computer hardware at the Macc headquarters in Putrajaya.

 

18 nabbed and rm4.5mil frozen after three-year Op Power

The masterminds behind a multimillion ringgit bitcoin mining syndicate are among 18 individuals arrested by the Malaysian Anti-corruption Commission (MACC), following a threeyear sting operation codenamed Op Power.

MACC chief commissioner Tan Sri Azam Baki said the 18 individuals arrested are all Malaysian males aged between 30 and 60.

“We confiscated 1,157 bitcoin (mining) machines worth Rm2.3mil in total.

“A total of Rm4.5mil was frozen from bank accounts linked to 94 individuals and 29 companies.

“The MACC also seized RM281,180 in cash, RM82,000 in ewallet balances and some US$25,893.46 worth of cryptocurrencies.

“Five vehicles, including a BMW, Toyota Vellfire and an Audi, have also been seized,” said Azam at a press conference at the MACC headquarters here.

Azam added that the MACC is looking to arrest another five individuals with links to the case, but this has been put on hold as the suspects have currently tested Covid-19 positive.

The Star on Sunday and Monday reported on a sting operation that began three years ago during which MACC officers posing as TNB meter readers were paid Rm2.4mil in bribes.

Azam said the syndicate operators offered between RM3,000 and RM300,000 to TNB officers to help cover up their operations.

The syndicate was found to have used special devices to manipulate power usage to ensure that their operations used as little electricity as possible.

Azam said that while cryptocurrency mining is not illegal, power theft is a crime.

TNB chief executive officer Datuk Baharin Din, who was also present at the press conference, said the syndicate used sophisticated methods for their illicit operations.

“The quantum of the power volume that this syndicate has stolen is very large, and it was done continuously for 24 hours and 365 days. This went on for over three years.

“The technique the syndicate used to tamper with the power usage is quite sophisticated.

“You come across small households that try to steal power, but these people go way beyond that.

“To do what they did, you have to be very competent.

“So we are very thankful to the MACC for their big help in this operation and because of them, we managed to stop this syndicate,” said Baharin.

 By JOSEPH KAOS Jr joekaosjr@thestar.com.my

 

`Related posts:

 

Billed RM695,598 for electricity; beware of illegal cryptocurrency/Bitcoin mining operations

 Billed RM695,598 for electricity

`

Environmental impact of cryptocurrency

 

Bitcoin, digital currencies rally, caution prevails; virtual currency in property 

 

Bitcoin: Utter pipedream

Corruption & incompetence as a result of corrupt policies that breed corruptions & incpmpetency as Malaysia fails in graft index?

US' human rights situation worsened in 2021: report

 

US human rights 

 

China's State Council Information Office on Monday issued the Report on Human Rights Violations in the United States in 2021. The report said the human rights situation in the US, which has a notorious record, worsened in 2021 as political manipulation led to a sharp surge in COVID-19 deaths, and shooting deaths in the country hit a new record.
`
The report revealed that despite having the world's most advanced medical resources, the US has the biggest number of COVID-19 infections and deaths globally. But the US government isn't rethinking its approach and still lacks effective anti-epidemic plans. Instead, it stoked the origins-tracing of COVID-19, and has been keen on passing the buck, shifting the blame and political manipulation.
`
The public security situation in the country also deteriorated and violent crimes remained prevalent. There were 693 mass shootings in 2021, up 10.1 percent from 2020. More than 44,000 people were killed in gun violence, according to the report. 

 
US human rights violations in 2021. Graphic: GT

`

The report also highlighted the country's growing discrimination against ethnic minority groups, especially people of Asian descent with around 81 percent of Asian American adults saying violence against Asian communities is rising.
`
Unilateral US actions created new humanitarian crises across the globe, the report noted. A US drone strike during US' withdrawal of troops from Afghanistan killed 10 members of an Afghan family, including seven children, among which the youngest was only two years old.
`
The report pointed out that in 2021, the US public persona of "human rights defender" was totally debunked as the so-called "Summit for Democracy" under the guise of safeguarding human rights became a farce. At the 48th session of the United Nations Human Rights Council, many countries blasted the US for being the "biggest destroyer" of human rights in the world and urged the country to address its own human rights violations.
`
It's universally acknowledged that the US has a big human rights problem. The problem is characterized by racial discrimination, the lack of respect for the disadvantaged, the disparity between the rich and the poor, and the number of shooting deaths every year, Li Haidong, professor at the Institute of International Relations of the China Foreign Affairs University, told the Global Times on Monday.
`
So when the US talks about human rights issues in other countries, it must have a clear understanding of its own human rights situation, Li urged. But the tragedy is that the politicians in the country always turn a blind eye to US' poor human rights record and pretend to be "teachers on human rights" in the international community, said Li. He added that the US has no qualification and pointed out the fact is that chaos on human rights in other countries and regions have often been brought by the US.
`
On the human rights issue, the US should learn to communicate with other countries and regions on an equal footing, instead of imposing its own standards on them, Li urged.
`
Chinese observers also criticized the US of weaponizing human rights to smear and attack other countries and regions, saying it is a despicable act.

Source link

`

RELATED ARTICLES

 

 

China issues report on US human rights violations

China's State Council Information Office on Monday issued the Report on Human Rights Violations in the United States ...

China and other countries jointly condemn US, Canada, Australia for serious human rights violations against indigenous people

Representatives from Canadian and Australian indigenous people disclosed the severe crimes committed by the US, Canada and Australia ...

MOST VIEWED

 

1Alert! Abe's remarks are unlocking Japan's militarism: Global Times editorial

2Washington bears 'special responsibility' for Russia-Ukraine situation: Global Times editorial

3Exclusive: Chinese satellite shows Ukraine’s Vinnitsa air base hit by missile, 2,500m runway reduced to 1,600m

4Western media hype individual comments to stir up anti-Chinese sentiment in Ukraine

5China won't abandon principles to repair ties with US: GT survey

6Kiev, Moscow talk amid conflicts; low hope for 'major breakthrough' 

 

 

Related posts:

 

The US, West bound to lose ‘war on human rights’ against China 

 

China releases human rights report over US failure to handle epidemic

 US human rights stance 'serves its own interests'

 

The human rights record of the human rights defender 2016

 

Human Rights Watch (HRW) criticism and report of China are a lie, reflect Western elites’ hypocrisy, anti China-rise !

 

With epidemic raging, US is becoming a living hell

 

Under scourge of the pandemic, ‘human’ is left out in US-style human rights

`

 

China showed truth about Xinjiang, but Western media chose to be blind as US practises ‘double standards’

 

China exposes the truth about Xinjiang, but the West ignores. Why? US hypocrisy on human rights & Trade War 

 

Western media don’t want Xinjiang to ride Olympic wave and become a Disney-like resort

 

Splashing $10m a year to split and subvert China, US govt-backed foundation unabashedly reveals funding scheme

 

US must see its own human rights issues