According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), Libya ranks as number one among the Arab countries in Bitcoin Mining.
Libya ranks top in the Arab world, with 0.13 percent of global mining, according to the Cambridge Bitcoin Electricity Consumption Index (CBECI).
This followed the uproar over Bitcoin mining in Libya and its link to the country’s electrical situation.
The Arab countries were ranked in the following order:
- First place: Libya with a share of 0.13%.
- Second place: UAE and Kuwait with a share of 0.08% for each country.
- Third place: Egypt and Jordan, with a share of 0.04% for each country.
- Fourth Rank: Lebanon with a share of 0.01%.
Bitcoin is currently trading at 192,912.13 against the Libyan dinar.
The process of putting new bitcoins into circulation is known as bitcoin mining. It is also an important part of the blockchain ledger’s upkeep and development.
It is carried out with the assistance of highly advanced computers that answer incredibly difficult computational math problems.
Cryptocurrency mining is time-consuming, expensive, and only seldom profitable. Mining, on the other hand, has a magnetic appeal for many cryptocurrency investors because miners are paid with crypto tokens for their efforts.
This could be because, like California gold prospectors in 1849, businesses saw mining as “pennies from heaven.”