Ethiopia is rapidly emerging as a significant player in the Bitcoin mining industry, utilising its abundant renewable energy sources to power operations that currently consume 600 MW of electricity, according to Ethan Vera, co-founder and COO of Luxor Mining. This development highlights the country's potential in the global cryptocurrency market.
Vera noted in an October 8 post on X that most local mining facilities are equipped with mid-generation machines, such as Bitmain’s S19J Pro and Canaan’s A1346. These models are cost-effective and consume less energy, making them particularly suitable for Ethiopia, where electricity costs are relatively low. He also pointed out that many mining farms have implemented evaporative cooling systems, although they are not necessary for most of the year due to the country’s cooler climate.
Source: X (Twitter)
Ethiopia is expected to increase its energy capacity significantly by the end of the year, further establishing its position in the Bitcoin mining landscape. Local miner Kal Kassa shared images of new mining facilities, reflecting the growing interest and investment in the sector. Similarly, Seb Gouspillou, CEO of BigBlock Datacenter, highlighted Africa's hydropower potential, stating, “For the hydroelectricity sector, it’s like a miracle,” emphasising the opportunities presented by ongoing dam constructions across the continent.
This trend aligns with an earlier report from asset management firm VanEck, which identified Ethiopia among seven countries benefiting from direct government support for Bitcoin mining. In 2023, Ethiopian Investment Holdings, the government’s investment arm, announced a preliminary agreement with Hong Kong-based West Data Group for a $250 million project aimed at enhancing the nation's digital infrastructure to support Bitcoin mining activities.
Despite its installed capacity of 5,200 MW, Ethiopia faces significant challenges in electricity access, with over 40% of its 130 million citizens lacking reliable power. The government aims to generate 25 GW of renewable energy by 2030, but achieving this goal remains crucial for the expansion of Bitcoin mining operations.
Ethiopia's strategic use of low-cost, renewable energy sources positions it to become a major player in the Bitcoin mining sector. However, addressing the accessibility of electricity will be vital to unlocking the country's full potential in this emerging market.
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