Libya’s Bitcoin Mining Boom: Cheap Power Sparks Risky Crypto Rush
LTB Libya’s Bitcoin Mining Surge: Cheap Power Fuels a Risky Crypto Gold Rush
Libya, a nation battered by over a decade of conflict, has stumbled into the spotlight as an unlikely hub for Bitcoin mining. With electricity prices so low they’re nearly a myth, miners are flocking to cash in, but the cost to the country’s crumbling infrastructure and struggling citizens paints a far grimmer picture. This is a story of opportunity clashing with chaos, where the promise of decentralization meets the harsh reality of a war-torn state. Recent reports highlight Libya’s efforts to curb illegal mining operations as the surge in activity raises serious concerns.
- Dirt-Cheap Energy: Electricity at $0.004 per kilowatt-hour, courtesy of state subsidies, makes Libya a Bitcoin miner’s paradise.
- Grid Under Siege: Mining consumes up to 2% of national power, worsening blackouts and straining an already fragile system.
