JAKARTA - Illegal cryptocurrency mining operations in Libya have been raided by authorities, resulting in the arrest of 50 Chinese nationals.
A report from The New Arab on June 23, 2023 revealed that Libya's Attorney General, Siddiq Al-Sour, had shared visual evidence in the form of photos and videos showing illegal mining locations in Zliten, a city in Tripoli province. Prior to the arrest, ten people related to the operation had been arrested two days earlier.
Libya's Attorney General's Office expressed concern about this illegal mining operation, calling it a violation of the law. They also highlighted the use of "high-energy devices" that require large amounts of fuel to mine cryptocurrencies.
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Libya officials are looking for experts to evaluate the impact of this operation on the public interest. Although the report confirmed the arrest of 50 people, detailed information about the number of machines seized has not been disclosed.
Even though cryptocurrency mining is prohibited in Libya, the country is still attracting miners because of its very low electricity costs. At a cost of just US$0.004 per kilowatt hour, which is less than one US cent, Libya is an interesting location to set up mining operations.
Interestingly, in 2021, Libya will reach its highest Bitcoin production rate across Africa, despite an official ban on this practice. Meanwhile, China, which also prohibits crypto mining, still accounts for 20 percent of total global computing power in May 2022.
The arrest of 50 Chinese nationals shows the firm action of Libyan authorities in enforcing a ban on cryptocurrency mining. This illegal mining operation has had a significant impact on the public interest, and Libyan authorities continue to work on overcoming this issue.
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