Lebanese turn to cryptocurrency as economy tank

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

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

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

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

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

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

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

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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

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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

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