Cryptocurrency

Libyan authorities have dealt a blow to <a href="https://ultramining.com/news/en/illegal-mining-farm-caused-7-million-in-damage/">illicit crypto</a> mining. They discovered and closed down two major operations. This move resulted in the arrest of 60 Chinese nationals, involved in these activities, according to&nbsp; <a href="https://www.newarab.com/news/libya-says-arrests-50-chinese-crackdown-crypto-mining">newarab</a>.&nbsp; 
In the city of Zliten, officials found minors working at a crypto mining farm. They were using vast resources to mine virtual currencies, under the guidance of 50 Chinese nationals. Authorities subsequently arrested these Chinese nationals. 
Officials also shared a video from the site on Facebook. It revealed structures crammed with computers and heavy-duty hardware, all running 24/7. Yet, these sites are located in a country known for regular power cuts and unstable internet speeds. 
Authorities earlier uncovered another similar operation in Misrata, a port city. This time, they arrested 10 Chinese nationals running the operation. Both incidents underscore the rising problem of illicit crypto mining in Libya. 
Cryptocurrency mining consumes a tremendous amount of energy. According to Digiconomist, a single bitcoin requires about 1,150 kWh. Given this, many countries, including China, have outright banned crypto mining. Libya followed suit in 2018, banning all cryptocurrency transactions. 
These incidents demonstrate the challenges that Libya faces. The country is trying to regulate the use of cryptocurrency amidst political division and infrastructural issues. Meanwhile, the crackdown on illegal activities continues. 
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Libyan Officials Dismantle Chinese-Operated Crypto Mining Operations

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