Libya Intensifies Crackdown on Illegal Cryptocurrency Mining

According to Foresight News, Libya is increasing its efforts to combat illegal cryptocurrency mining. In November, authorities sentenced nine individuals to three years in prison for mining Bitcoin within a steel plant. Despite the Central Bank of Libya's ban on cryptocurrency transactions in 2018, the country has become a significant player in Bitcoin mining in the Arab and African regions, thanks to its low electricity costs of $0.004 per kilowatt-hour. In 2021, Libya accounted for approximately 0.6% of the global Bitcoin hash rate. It is estimated that cryptocurrency mining consumes about 2% of Libya's national electricity output, exacerbating the country's power shortage issues. Experts are advocating for legislative regulation to integrate mining activities into the national economic framework rather than relying solely on prohibitions.