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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.
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.
News
Volvo And Aurora Announce Their First Self-Driving Truck
The new autonomous goods vehicle was revealed at the ACT Expo in Las Vegas.
Vehicle maker Volvo and self-driving specialist Aurora have revealed their first production truck with full autonomous capabilities, after first announcing a partnership three years ago. The companies showed off the product of their collaboration, known as the Volvo VNL Autonomous truck, at the ACT Expo in Las Vegas.
The truck, which will be manufactured by Volvo, uses Aurora’s self-driving platform, known as Aurora Driver. The system uses multiple high-resolution cameras, LiDAR sensors and imaging radars, and can detect objects up to 400 meters away.
Aurora’s platform has already been driven billions of miles in training simulations, and around 1.5 million miles on real public highways. As well as a wide range of imaging and sensing technologies, the truck will also feature redundant steering, braking, communication, computation, power management, energy storage and vehicle motion management systems, ensuring it can operate safely alongside other road users.
Also Read: NETGEAR’s Orbi 970 Routers Offer Powerful Wi-Fi 7 Connectivity
When the first 20 Aurora autonomous trucks make their debut in North America next month, they will still be overseen by human drivers until testing is complete. Aurora intends to deploy trucks between Dallas and Houston in the near future, but it’s unclear whether the fleet will consist of Volvo machinery or vehicles from another partner.
Volvo announced at the Las Vegas event that it has already begun manufacturing a test fleet of the VNL Autonomous trucks at its New River Valley factory in Virginia. Nils Jaeger, President of Volvo Autonomous Solutions, explained that the truck was the “first of [the company’s] standardized global autonomous technology platform,” and added that it would enable Volvo “to introduce additional models in the future”.
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