#BIT Mining Ethiopia Mining#

BIT Mining's mining operations in Ethiopia are booming, driven by the country's low electricity costs and government support for cryptocurrency mining. By acquiring a 51-megawatt power facility and nearly 18,000 Bitcoin mining machines for $14 million, BIT Mining was able to relocate older machines that were being phased out in the US to Ethiopia, extending their lifespan by about two years. Ethiopia's electricity costs are about 70% lower than in the US, allowing BIT Mining to operate at a lower cost and achieve higher returns. Ethiopia's abundant electricity 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 the country's social unrest, BIT Mining opted to purchase existing facilities rather than build 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, leveraging the country's low-cost construction and resource advantages.