Sat. Jun 22nd, 2024

Libya Arrests 50 Chinese Nationals For Illegal Crypto Mining. 

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Last week, authorities in Libya searched and arrested several individuals as part of their efforts to combat illegal crypto mining in the country. The raid in a data center resulted in the detention of 50 Chinese nationals.

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During a search by interior ministry agents at a farm in Zliten, located 160 kilometers east of Tripoli, they reported that minors were generating virtual currencies with the assistance of the detained Chinese individuals.

In a video shared on Facebook by the Tripoli prosecutor’s office, the crypto-mining operations were conducted in structures without windows, housing numerous industrial fans and a significant quantity of computers and hardware.

This occurred shortly after prosecutors announced the dismantling of another illegal crypto-mining farm in the port city of Misrata, operated by 10 Chinese nationals. 

In 2018, Libya’s central bank banned all cryptocurrency transactions until regulatory legislation around blockchain was implemented. This has not deterred people and entities from engaging in crypto-mining activities in the country.

Also Read: Congo National Park Begins Crypto Mining.

Interestingly, Libya has emerged as a prominent center for crypto mining operations. The deteriorating living conditions and economic situation in the nation, coupled with the remarkably low cost of electricity and operations in Libya, makes the country a tempting location for bitcoin mining operations.

Bitcoin uses a proof-of-work consensus algorithm and requires robust servers, a stable power supply, and an internet connection to mine. 

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