By Shelly Melancon (Switzerland)
The availability of cheap and readily-available electricity has led to the development of a new business venture for 21-year old Ahmed Abu Daher. Daher is running a booming crypto mining operation in Chouf, a top Lebanese district. Thus, making the city lively after years of destruction and neglect.
Daher’s Crypto Mining Business Set Up
Mining involves the minting of new crypto tokens with the miners being rewarded for solving complex math problems and updating the distributed ledger with the crypto transactions. There are a lot of computing power and electricity involved in solving these complex problems.
Daher’s crypto mining business is set up on a mountain ridge in the non-religious bias region of Iqlim Al-Kharrub. The barely visible power lines run parallel to the main road and mountain ridge. The pine, olive and oak trees make this power lines almost invisible.
These lines are run from the nearest hydropower project (the Litani River Authority which utilizes the Litani river) to provide electricity for this region. The power is transmitted to three substations and it’s one of these stations that powers the Chouf district where Daher runs his crypto mining business.
Earnings And Energy Crisis
Daher has 10 mining locations and earns up to $600 monthly for mining various tokens. The Litani hydropower project was completed in 1965 and four years later, it was supplying 80% of the nation’s power demands. If not for private sector interference, the Litani project could have expanded beyond Chouf and other parts of south Lebanon.
Also read:Thus, when Beirut was experiencing a huge energy crisis last year, many businesses have had to shift to this region to enjoy stable and cheap electricity services for their business operations. Notable among such businesses was a tissue firm and a blockchain tech firm.
Our Operations Contribute Positively To This Area – Daher
The authorities’ attention has been drawn to these miners following the huge amounts of electricity their operations consume and the blackouts they allegedly cause in various towns particularly Jezzine. Thus, the Jezzine municipal authorities had to force miners out of the town.
However, Daher argued that the blackouts are mainly caused by non-legalized crypto miners who are tapping electricity illegally. He further argued that his company tracks the amount of electricity it consumes and pays for it accordingly which is a huge boost to the GDP revenue of the region.
Daher also said asides from paying for appropriate electricity consumed, his company is also reducing unemployment in the region since they have to hire various professionals before their business can run smoothly.
“We need someone to install the machine after purchase, another person to maintain it and another person to oversee the crypto mining operation. When you consider all these factors, you will discover that we have positively contributed in many ways to this area,” he concluded.
The 1975-1990 civil war plunged the majority of the Lebanese population into abject poverty. However, after the civil war, some of the top cities like Beirut, have become home to tall buildings even though the nation’s debt continues to pile up.
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