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Libya, the first Arab nation to mine bitcoin

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Bitcoin dropped again as China increased its pressure on cryptocurrencies

According to the CBECI (Cambridge Bitcoin Electricity Consumption Index), Libya placed top in the Arab world, accounting for 0.13 percent of global mining. This was in response to the outrage caused by Bitcoin mining in Libya and its connection to the country’s electrical predicament.

The Arab countries are ranked as follows:

  1. Libya is first, with a 0.13 percent share.
  2. The UAE and Kuwait are tied for second position, each having a 0.08 percent share.
  3. Egypt and Jordan are tied for third place, each with a 0.04 percent share.
  4. Lebanon came in fourth place, with a 0.01 percent stake.

The current price of Bitcoin in Libyan dinars is 192,912.13.

Bitcoin mining is the process through which new bitcoins are added to the system. It is also an important aspect in the upkeep and development of the blockchain ledger. It is carried out with the help of extremely advanced computers that solve incredibly complex computational math glitches.

Cryptocurrency mining is tough, expensive, and only seldom profitable. Mining, on the other hand, has an appealing appeal for many cryptocurrency investors because miners are satisfied with their job with crypto tokens. This could be because businesspeople regard mining as “pennies from paradise.”

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