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Growth in Bitcoin Mining In Egypt As Economic Depression Looms

The Egyptian economy has been shaken by the Covid-19 Pandemic in the most brutal manner thanks to its already dwindling financial status due to civic unrest. In the times of looming economic depression, the youth is fast adopting cryptocurrency and trading Bitcoin as a source of income. A journal named AL Monitor posted a report stating that many young Egyptians are attracted to cryptocurrencies. Cryptocurrencies not only provide an alternate mode of earning but also pose substantial gains in the long term.

Egyptians Flair Towards Bitcoin Mining Amid Economic Turbulence

An expert financial advisor from the country, Wael-A-Nahhas, was cited in the journal. He said that the young people from Egypt invest in cryptocurrencies in small amounts even though bitcoin is increasing. He added that they are also interested in mining another token, Satoshi, which is very low compared to bitcoin daily. The miners are making 4 to 5 percent profit from the buying and selling trade based on the peak and most down demand times. They also look forward to gaining on a quarterly or yearly basis as per the highs in the bitcoin valuation.

The convenience of Bitcoin Mining is Attracting Egyptians.

The problem of unemployment is grave in the country and increased to 9.6 percent in the second quarter of 2020. This shows that a large number of Egyptians have lost their jobs in 2020, and in such times Bitcoin mining attracts young people. Crypto mining is easy, and one can work from home without the need to invest anything in office infrastructure or travel; one can do that in free time whenever they want to. This helps the Egyptian youth to earn extra money without much hassle. He further added that around 16 thousand people have been doing bitcoin mining in the country now. The number may be even higher with time as people bring in their families and peers to invest in cryptocurrencies.

Lack of Proper Legislation is a RoadBlock

However, the experts fear frauds and accusation of illegal activities as there is not much legalization of the same in the country. More and more Egyptians are moving towards mining and crypto trading. The country still lacks a law that outlines the legal and illegal activities around bitcoin mining and other digital assets mining.

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