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Libya Authorities Crack Down on Illegal Crypto Mining, 9 Sentenced to 3 Years in Prison

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Libya authorities are stepping up enforcement against illegal crypto mining, with nine individuals sentenced to three years in prison for operating Bitcoin rigs in a steel factory. Despite a 2018 Central Bank of Libya ban, the country remains a major Bitcoin mining hub in the Arab and African regions, using ultra-low electricity at $0.004 per kilowatt-hour. In 2021, Libya held about 0.6% of global Bitcoin hash power, with mining now consuming 2% of national electricity. Experts urge legislative oversight to bring mining under the national economic framework. As global frameworks like EU Markets in Crypto-Assets Regulation evolve, risk-on assets like Bitcoin face tighter scrutiny in regions lacking formal oversight.
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