#BIT Mining Ethiopia Mining#

BIT Mining's mining operations in Ethiopia are booming, fueled by the country's low electricity costs and government support for cryptocurrency mining. Through a $14 million deal, BIT Mining acquired a 51-megawatt power facility and nearly 18,000 Bitcoin mining rigs, which were previously decommissioned in the United States. However, due to Ethiopia's electricity costs being about 70% lower than in the US, the company was able to extend the lifespan of these rigs by about two years. This model has created a positive feedback loop for BIT Mining, attracting more investment and increasing the return on investment for the mining rigs. Ethiopia's abundant hydropower resources, particularly from Chinese-funded projects like 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 due to its low-cost construction and resource advantages.