Lebanese turn to cryptocurrency as economy tanks

Lebanon is bursting with crypto mining shops, traders and online mentors to fulfill the surging demand from people desperately looking to gain financial freedom

Bitcoin, a digital currency that emerged in 2008 and is now the most prominent in global circulation among other cryptocurrencies

Bitcoin mining involves “mining machines” and is performed by high-powered and sophisticated hardware that solves complex math problems

The aim is to capitalize on the opportunity to buy bitcoins when the price is low and sell when the price is higher.

Lebanon’s first bitcoin ATM appeared on Beirut's Hamra Street and a second machine is coming

Mark Iskandar, the founder and CEO of Magmamining, a cryptocurrency company in Beirut

The increasing demand for cryptocurrency mining in Lebanon has prompted many shops across the country to accept payments in USDT

The company is now working on their second facility by linking their customers to hotels in Lebanon who are willing to sell their electricity to miners

The practical problems associated with crypto mining remain a barrier for some Lebanese who now find themselves under considerable pressure with Lebanon’s electricity crisis, despite investing in pricey mining machines