#BIT Mining Ethiopia Mining#

BIT Mining's mining operations in Ethiopia have attracted widespread attention. 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 by an estimated 2 to 2.5 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 those from Chinese-funded projects like the Grand Ethiopian Renaissance Dam, provide a unique advantage. The government's support for Bitcoin mining also provides favorable conditions for BIT Mining. Currently, Ethiopia contributes 1.5% of the Bitcoin network's hashrate, comparable to Norway. Despite social unrest, BIT Mining opted to purchase existing facilities rather than build new ones to mitigate potential risks. In the future, the company plans to explore more investment opportunities in Ethiopia, including energy infrastructure, artificial intelligence data centers, and more Bitcoin mining projects, believing the country holds immense potential due to its low-cost construction and resource advantages.