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Lebanese Crypto Miners Are Fighting For Survival

To mine cryptocurrencies, miners need two essential things: suitable mining hardware and the electricity necessary to power it.

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lebanese crypto miners are fighting for survival
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Cryptocurrency mining used to give many people in Lebanon hope that a life void of financial anxiety was within their reach. Now, this hope is quickly turning into disappointment amid the electricity shortage crisis in the country. To mine valuable cryptocurrencies such as Bitcoin, crypto miners need two essential things: suitable mining hardware and a reliable source of electricity necessary to power it.

The first requirement alone is difficult to meet these days because GPUs (Graphics Processing Units), which most smaller miners and many large-scale miners rely on, are either unavailable or ridiculously expensive — and not just in Lebanon.

The second requirement, however, is something that has been making many crypto miners in Lebanon rethink their strategy. “Before the electricity crisis, each GPU used to mine $10-$20 worth of Bitcoin every four hours,” said Alaa Ayash, the co-owner of a gaming-turned-mining lounge in Mar Elias, Beirut. “Now they mine about $1-$5, almost a quarter of what they used to.” he added.

In an effort to keep their mining rigs running 24×7, some miners have started producing their own electricity using diesel generators, but obtaining enough fuel without paying an arm and a leg for it is becoming difficult every day, that’s if it can be obtained at all.

“One gallon (20 liters) of diesel used to cost around 30,000 Lebanese pounds. Now it costs somewhere between 100,000 pounds and 150,000 pounds in the black market, if not more,” explained Ali Mortada, a Syrian janitor responsible for several large buildings.

Also Read: Bitcoin In Lebanon: Everything You Need To Know

Of course, diesel generators are the exact opposite of environmentally friendly. In fact, diesel engine exhaust is classified as carcinogenic to humans because it’s linked to an increased risk of lung cancer. Several countries in Europe and South America are currently looking into cleaner and more sustainable energy solutions to power their equipment in efforts to continue mining in an eco-friendly manner.

The only thing that could realistically help Lebanese crypto miners in the short term is a substantial increase of Bitcoin’s price, and alternative cryptocurrencies along with it, but the current bear market doesn’t make this seem like a realistic possibility.

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Amazon Partners With Music Streaming Service Anghami

Prime subscribers in Saudi Arabia and the United Arab Emirates will automatically get a free six-month subscription to Anghami Plus.

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amazon has partnered with music streaming service anghami

Amazon’s Prime subscription service offers an excellent value proposition because it includes not only free shipping but also access to a huge library of songs, among other things. Unfortunately for music lovers in the MENA region, the Amazon Prime music library includes mostly songs from English-speaking countries. But that’s about to change soon because Amazon has partnered with Anghami, the first legal music streaming platform and digital distribution company in the Arab world.

As a result of the new partnership, Prime subscribers in Saudi Arabia and the United Arab Emirates will automatically get a free six-month subscription to Anghami Plus, a premium subscription service that offers an unlimited access to Anghami’s large content catalog and unlocks extra features such as the ability to play songs offline, display lyrics, and enjoy music in high quality.

amazon prime anghami plus offer

“This collaboration with Anghami is a perfect example of how we work together with leading local brands to innovate on members’ behalf, offering them the best experience possible,” said Ronaldo Mouchawar, Vice President of Amazon Middle East and North Africa. “We’re excited to see Prime members in both Saudi Arabia and the UAE enjoy Anghami Plus and all it has to offer, alongside other shopping, savings and entertainment benefits already included in their membership”.

The partnership with Amazon is guaranteed to help Anghami realize its global ambitions and compete with other music streaming services, most notably Spotify and Deezer.

Also Read: Truecaller Wants To Raise Over $100 Million In Stockholm IPO

Several months ago, Anghami entered into a merger agreement with publicly traded special purpose acquisition company (SPAC) Vistas Media Acquisition Company Inc. The goal is to list Anghami on the New York NASDAQ exchange, giving it access to global growth capital.

Currently, Anghami provides its users access to more than 57 million Arabic and international songs, as well as podcasts and live radio. Amazon Prime subscribers who decide to keep using Anghami can get an additional 50% discount for the next six months.

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