#BIT Mining Ethiopia Mining#

BIT Mining's mining operations in Ethiopia have attracted widespread attention, leveraging the country's low electricity costs to extend the lifespan of Bitcoin mining rigs and generate substantial returns. The company acquired a 51-megawatt power facility and nearly 18,000 Bitcoin mining rigs through a $14 million deal. With Ethiopia's electricity costs being approximately 70% lower than in the United States, BIT Mining has been able to relocate older mining rigs that were being phased out in the US, extending their lifespan by about two years. This model has created a positive feedback loop for BIT Mining, attracting more investment and increasing mining rig return rates. Ethiopia's abundant hydropower resources and the government's support for Bitcoin mining have provided BIT Mining with a unique opportunity. 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 that the country holds immense potential due to its low-cost construction and resource advantages.