Most of the people of Lebanon are now more interested in accepting cryptocurrencies or stablecoins after the local banking system and the value of the currency suffered a tragic fall due to hyperinflation.
In fact, some local residents are also interested in Bitcoin (BTC) mining activities as they can use cheap hydropower from the river to generate income.
In context, Lebanon is the most developed country in the Middle East which is currently struggling with various economic issues when the country's GDP has shrunk by 40% since 2018, inflation is around 160% and the value of the local currency has declined by more than 90% after a massive civil war.
As a result, most Lebanese still living in the country have explored other alternatives to maintain their wealth, including 27-year-old Georgia Abou Gebrael.
It is understood that Gebrael has seen crypto as a valuable and safe digital asset even though he previously considered BTC to be a scam.
This follows because Gebrael gets paid $5 in BTC from his employer and the digital asset will never be confiscated or blocked by the bank.
While previously Gebrael was said to be unable to withdraw his bank savings following domestic financial institutions banning such transactions.
Meanwhile, Ahmad Abu Daher is also looking for another method by mining Ethereum (ETH) and BTC using hydroelectric power in a small mountain town located 30 miles south of Beirut.
Therefore, he has now successfully expanded his business and has thousands of machines as a result of the crypto mining.
Although Abu Daher has to pay electricity bills, internet fees and rent using Lebanese pounds, he has been using stablecoin Tether (USDT) to pay for imported machines.
