Crypto Miner in Lebanon does not receive electricity secretly

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The Litani River Authority operates three large hydroelectric power stations. Lebanon is facing a critical financial crisis.

The beginning of 2022 was not favorable to some specified villages of Lebanon because in January 2022, the police department of Lebanon carried out a joint operation with the Litani River Authority (LRA) and attacked several villages at the search for crypto-miners.

According to the data, the mountainous region of Chouf was found producing electricity and secretly supplying it to crypto miners, and one of the reasons crypto miners exploited their operations was the cheap power supply from Lebanon. .

Lebanon is world famous for its cheap electricity production. The machines and computers used by miners consume huge amounts of electricity, and basic or established crypto miners cannot run the operations cheaply.

These activities are increasing in the country because the nation has a weak financial structure. Some reports note that it is difficult for ordinary people to access electricity. If the citizen does not have enough money to pay the generator operators, he must go 20 to 21 hours without electricity.

The Litani River Authority operates three large hydroelectric power stations, which can supply 20 hours of electricity to around 200 villages. These giant dams have attracted crypto miners to them, and now miners are trying to establish them in these areas for cheap electricity.

Georgio Abou Gebrael, a Lebanese architect, explained to CNBC: “The use of USDT is widespread. There are plenty of cafes, restaurants, and electronics stores that accept USDT as payment, so it’s handy if I need to spend not in fiat, but with my bitcoin savings.

The government has much bigger issues right now than worrying about some stores accepting cryptocurrency.

The high citizen interest in USDT and other coins has caused hyperinflation in the country. As a result, the bank prohibits customers from withdrawing money, which seems to be closed in the country.

Some reliable data indicates that more than 70% of the country’s population uses USDT stablecoins as a method of payment in restaurants and shops.

Lebanon was one of the most developed countries in the world, becoming independent on November 22, 1943 under French rule. The country’s main source of income is service and the banking sector contributes 70% of the country’s gross national product.

The group of crypto addicted people come from different spaces and their fulfilled demands in crypto made them embrace. People see payments from their international customers in crypto, some mine crypto assets, and some view it as a store of value preventing their wealth from depreciating drastically. When the official currency and the economy of the country worsen the lives of ordinary people, crypto appears to them as a hope.

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