Libyan authorities illegally cryptocurrency arrested 50 Chinese nationals allegedly involved in the mining operation.
During the summer, power outages last up to 18 hours a day, as Libyan authorities intensify their efforts to curb such activity.
The statement said that those arrested were caught operating a cryptocurrency mining facility inside an abandoned ironworks on the west coast of Libya. Attorney General Siddiq Al-Sour’s office has released photos and videos showing the process of dismantling key mining systems discovered in the city of Zliten, in the eastern city of Tripoli.
Mining systems included a network of cables connecting digital conversion systems, data servers, fans, and high-voltage refrigerators.
According to the Attorney General’s office, these latest arrests were announced just after 10 more Chinese nationals were detained Wednesday after being caught “red-handed” with dozens of powerful computers used to perform complex mining operations in Misrata.
The attorney general’s office added that these actions “violate the law” as the alleged perpetrators used “high-energy devices that use large amounts of material to mine cryptocurrency.”
The statement said Libyan authorities had sought help from experts to assess “the harm done to public money and the public interest as a result of the use of high-energy devices and violations of monetary policy rules.”
Despite the official ban, Libya will be in the world in 2021. bitcoin It recorded the highest percentage of cryptocurrency mining in the African continent, accounting for about 0.6 percent of its production.
Libya is known for its cheap electricity costs at just $0.004 per kilowatt hour, which is about 40 times cheaper than the United States. While this has made Libya an ideal environment for cryptocurrency mining, it has also contributed to the already poor state of electricity grids in the country due to the political instability that has gripped the country for over a decade.
*Not investment advice.
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