PANews reported on December 5 that according to CryptoSlate, Ethiopia's Bitcoin mining industry has risen rapidly and currently accounts for 2.5% of the global computing power. According to the Ethiopian Electric Power Company (EEP), if the current trend continues, this proportion may double to 7% in the next year. Currently, local mining operations have consumed 600 megawatts of electricity, which may increase to 1 gigawatt by the end of the year.
With China banning Bitcoin mining in 2021, a large number of Chinese mining companies have moved to Ethiopia, including Bitmain-backed BitFuFu and BIT Mining, which have made large-scale investments in the country. Ethiopia has attracted mining companies with its rich hydropower resources and renewable energy. In the past 10 months alone, the country has generated more than $55 million in revenue by cooperating with 25 Bitcoin mining companies.
