The prosecution in Tripoli reported that Libyan police had shut down a cryptocurrency mining business in the west of the country and arrested 50 Chinese nationals.
Agents from the Ministry of the Interior in Zliten, located about 160 kilometers east of the capital, reportedly discovered “minors exploiting significant material capacity to generate virtual currencies with the help of 50 Chinese nationals” and arrested them.
The Tripoli prosecutor’s office posted a video to Facebook that depicted many windowless buildings housing several computers and other technology.
Prosecutors stated that police had shut down another illegal crypto-mining farm in the coastal city of Misrata. They said 10 Chinese nationals were behind the operation.
Sites like these typically run nonstop, necessitating powerful servers, a reliable internet connection, and high-priced technology.
War-torn Libya regularly endures power outages and slow internet speeds
Digiconomist, a technology industry watchdog, estimates that the average amount of energy needed to mine Bitcoin, the most widely used cryptocurrency, is 1,150 kWh.
China, which was previously the world leader in producing virtual currency, outlawed crypto mining in June 2021. This is only one of many governments throughout the world to do so.
In 2018, the central bank of the North African country of Libya, which is divided between two rival governments, banned all cryptocurrency transactions until legislation was passed to regulate their use.
To read our article about “Binance exits Netherlands, facing crisis in France in 2023” click here.