#BIT Mining Ethiopia Mining#

BIT Mining has made significant progress in its mining operations in Ethiopia. The company acquired a 51-megawatt power facility and nearly 18,000 Bitcoin mining rigs through a $14 million deal, leveraging Ethiopia's low electricity costs (about 70% lower than the US) to extend the lifespan of older mining rigs, allowing them to continue mining for about two years. This model has created a positive feedback loop for BIT Mining, attracting more investment and increasing mining rig returns. Ethiopia's abundant hydropower resources, particularly the Chinese-funded Grand Ethiopian Renaissance Dam, and the government's support for Bitcoin mining provide BIT Mining with unique advantages. 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, believing the country has immense potential due to its low-cost construction and resource advantages.