Chinese companies flock to Ethiopia to start crypto mining operations, Bitmain is involved

Mainland China's virtual currency funds are targeting Ethiopia, which is as far away as Africa, mainly because the local hydropower resources are rich, and each kilowatt-hour of electricity is only equivalent to two or three cents in RMB. In recent years, a large number of mainland companies have gone to Ethiopia to open mines to mine Bitcoin, Ethereum and Litecoin. It is reported that Bitmain, which is engaged in the research and development and production of mining machines, has also participated in the business of Ethiopian mines. Its official website shows that Baohui Phase I is located in Ethiopia with a total capacity of 150 megawatts. Currently, there are more than 20 mining farms in Ethiopia, most of which are invested and operated by Chinese companies, and most mining machines are also produced by Chinese companies, including Antminer and Avalon Miner produced by Bitmain. According to professional estimates, Ethiopia has become an emerging mining gathering place in the world. Its mining capacity currently accounts for about 2.5% of the global Bitcoin network computing power, and will continue to rise in the future. It is becoming one of the fastest growing Bitcoin mining markets in the world. (Ta Kung Pao)