#BIT Mining Ethiopia Mining#

BIT Mining's mining operations in Ethiopia are booming, driven by the country's low electricity costs and government support. Through a $14 million deal, BIT Mining acquired a 51-megawatt power facility and nearly 18,000 Bitcoin mining rigs that were previously decommissioned in the US due to high electricity prices. With Ethiopia's electricity costs being about 70% lower than in the US, BIT Mining was able to relocate these older rigs and extend their lifespan by about two years. This model has created a positive feedback loop for BIT Mining, attracting more investment and increasing the return on its mining rigs. Ethiopia's abundant hydropower resources, including projects funded by China such as the Grand Ethiopian Renaissance Dam, provide a unique advantage for BIT Mining. Currently, Ethiopia contributes 1.5% of the Bitcoin network's hashrate, comparable to Norway. Despite facing social unrest, BIT Mining opted to purchase existing facilities rather than building new ones to mitigate potential risks. In the future, BIT Mining plans to explore more investment opportunities in Ethiopia, including energy infrastructure, artificial intelligence data centers, and more Bitcoin mining projects. The company believes the country holds immense potential with its low-cost construction and resource advantages.