Libyan authorities have taken action against illegal cryptocurrency mining operations in the country. Recently, fifty Chinese nationals were detained in a raid on a crypto farm in Zliten, following similar discoveries in Misrata and Tripoli. Footage of the Zliten farm showed a large building equipped with server racks for mining Bitcoin and other cryptocurrencies. Despite Libya’s central bank banning crypto due to money laundering concerns, the country has become a hub for underground mining due to its cheap electricity. With household electricity prices as low as 0.01 USD per kWh, some Libyans turn to illegal mining as a source of income. Libya’s mining activity, although still behind that of Russia and the US, exceeds that of neighboring countries. The Libyan government has blamed bitcoin farms for power outages, with the energy demands of mining causing strain on the national electricity grid. Prime Minister Abdul Hamid Dbeibeh has connected power cuts to illegal mining, claiming it drains 1000 to 1500 megawatts from the network.
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