BIT Mining uses low electricity prices in Ethiopia to extend the life of Bitcoin mining machines

BIT Mining acquired 51 megawatts of power facilities and nearly 18,000 bitcoin mining machines in Ethiopia through a $14 million deal. Because electricity costs in Ethiopia are about 70% lower than in the United States, the company was able to transfer old mining machines that were eliminated in the United States to local use, thereby extending the life of the mining machines by about two years. It is reported that Ethiopia's abundant hydropower resources (partly from Chinese-funded projects such as the Grand Ethiopian Renaissance Dam) and government support for bitcoin mining provide BIT Mining with a unique opportunity. Currently, Ethiopia contributes 1.5% of the computing power of the Bitcoin network, which is comparable to Norway. Despite the social unrest, BIT Mining chose to purchase existing facilities rather than build new ones to reduce potential risks. (CoinDesk)