The Cambridge Bitcoin Electricity Consumption Index (CBECI) data showed that Libya ranked first in the Arab world with 0.13% of global mining. This came after the controversy surrounding Bitcoin mining in Libya and its link to the electricity crisis.
The ranking of the Arab countries came as follows:
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%.
Notably, the price of Bitcoin against the Libyan dinar is 192,912.13.
Bitcoin mining is the process by which new bitcoins are entered into circulation. It is also a critical component of the maintenance and development of the blockchain ledger. It is performed using very sophisticated computers that solve extremely complex computational math problems.
Cryptocurrency mining is painstaking, costly, and only sporadically rewarding. Nonetheless, mining has a magnetic appeal for many investors interested in cryptocurrency because of the fact that miners are rewarded for their work with crypto tokens. This may be because entrepreneurs see mining as “pennies from heaven”, like California gold prospectors in 1849.