In a number of cities, the effects of the financial crisis have led to riots and looting, including of bank offices.
Against this background, some Lebanese have switched to alternative sources of livelihood and settlement.
The country’s central bank has devalued the Lebanese pound (LBP) by 90%, and the current ratio of the LBP to the US dollar is 1:0.000066.
The cost of electricity in the country is at an affordable level for most citizens, so mining is becoming very popular.
Journalists in the local media report that the most successful Lebanese miners can earn a net profit of up to $600 per month;
Indirectly, Lebanon’s booming mining industry is creating new jobs, which partially mitigates the impact of the financial crisis on some categories of tech workers.
“If someone wants to run mining equipment, they need someone to look after it. And also someone who will fix and set up.
Need electricians and the like. For all this the miner will have to pay. A lot of people have benefited,” the reporters say.
Payments in cryptocurrency for goods and services are gaining momentum in parallel with mining. At the same time, citizens and sellers have a preference for settlements in Tether (USDT) stabelcoins.
“The use of USDT is widespread. There are a lot of coffee shops, restaurants and electronics stores that accept USDT as payment, so it’s convenient.
The government has much bigger concerns right now than worrying about some stores accepting cryptocurrency,” a local crypto industry official told reporters.
Last November, former MicroStrategy CEO Michael Saylor said that Lebanese citizens who have lost confidence in local banks may find salvation from inflation in BTC and USDT amid the economic crisis.