As part of its attempts to stop unauthorised crypto mining in the nation, Libyan officials searched multiple people on June 22 and made several arrests. 50 Chinese nationals were detained as a result of the data center raid.
Agents of the interior ministry were conducting a search at a farm in Zliten, which is 160 kilometres east of Tripoli, when they discovered that kids were producing virtual currency with the help of the Chinese people who had been arrested.
According to a video posted on Facebook by the Tripoli prosecutor’s office, the crypto-mining operations were carried out in buildings without windows that also housed a sizable number of computers and other technology.
This took place soon after authorities revealed the destruction of another illegal crypto-mining operation run by 10 Chinese nationals in the port city of Misrata.
2018 saw the central bank of Libya prohibit all cryptocurrency exchanges until the adoption of regulated blockchain legislation. This hasn’t stopped individuals and organisations from conducting cryptocurrency mining operations throughout the nation.
It’s interesting to note that Libya has become a key location for cryptocurrency mining operations. Libya is a desirable place for bitcoin mining operations due to the country’s declining living standards and economic crisis as well as the very low cost of energy and operations.
Bitcoin uses a proof-of-work consensus process and can only be mined with reliable servers, a consistent power source, and an active internet connection.
Due to worries about the negative environmental effects and illicit activities with crypto anonymity, many nations throughout the world, including China, Nepal, Afghanistan, and Morocco, have outright outlawed cryptocurrency mining.
42 additional nations, including Algeria, Bahrain, Bangladesh, and Bolivia, have restricted their banks’ capacity to deal with cryptocurrency transactions and exchanges, effectively outlawing digital currencies.
