Briefly

• dozens of Chinese nationals allegedly involved in illegal cryptocurrency mining operations have been detained by Libyan authorities.
• Despite the fact that crypto mining is restricted in the nation, Libya’s modest power has drawn in excavators in any case.
• The government of Libya has attributed the high energy consumption of the national electricity network to illegal crypto farms because of its susceptibility to power outages.

The illegal mining of cryptocurrencies is being curtailed by Libyan authorities.

Local media outlets reported on Thursday that as many as fifty Chinese nationals had been detained in connection with the Zliten, Germany, raid on a crypto farm.

Illegal Mining Operation Found in Abandoned Iron Factory

The most recent bust adheres to the revelation by policing comparative underground crypto ranches in Misrata and Tripoli prior in the week.

A large industrial building with rows of server racks that could be used to mine Bitcoin or other cryptocurrencies appears to be depicted in online footage. The Zliten farm was based in an abandoned iron factory, according to the Italian newspaper Agenzia Nova.

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Libya Emerging as Regional Mining Hub Despite Crypto Ban

Cryptocurrency has technically been declared illegal by Libya’s central bank due to concerns about money laundering. Be that as it may, lately, the nation has arisen as a hotbed of underground mining action thanks to its modest power.

In September 2022, household electricity prices in Libya were as low as 0.01 USD per kWh, according to one source. During that time, the global average cost per kWh was 0.17 USD.

Additionally, economic opportunity is severely restricted in the war-ravaged and polarized nation. Therefore, it is not surprising that some Libyans use illegal crypto mining as a means of earning a living.

In fact, the Bitcoin Electricity Consumption Index from the University of Cambridge found that Libya was responsible for between 0.13 and 0.17 percent of the global average monthly hashrate in 2021 and 2022.

Obviously, this leaves Libya far behind Russia and the United States, which are the biggest Bitcoin miners. However, the country is still mining cryptocurrency at a much higher rate than some of its more populous neighbors.

Libyan Government Blames Bitcoin Farms For Power Outages

The Libyan government has even attributed failures of the nation’s national electricity grid to bitcoin farms due to the high energy demands of crypto mining.

Protests broke out in Tripoli and Benghazi last year due to power outages, which are such a prevalent issue in Libya. People took to the streets in protest of the government’s handling of the situation, which resulted in outages lasting up to 24 hours at a time.

Additionally, despite the fact that the situation has somewhat stabilized since last year, the ongoing conflict continues to pose a threat to the electricity supply for Libyans.

Against this background, Top state leader Abdul Hamid Dbeibeh has endeavored to redirect fault by associating power slices to unlawful Bitcoin mining.

He claimed in November that the practice was draining the Libyan electricity network of between 1000 and 1500 megawatts. In addition, he preempted the most recent crackdown by arguing that the proliferation of illegal mining was enabled by the absence of authorities.