“Bitcoin miners provide almost a fifth of all revenues from electricity sales in Ethiopia. This was reported by The Africa Report with reference to the director of marketing of the state energy supplier Ethiopian Electric Power (EEP) Hiwat Eshetu. “Currently, 18% of EEP’s monthly sales come from Bitcoin mining. This is more than all of Ethiopia’s electricity exports to neighboring countries,” he said. As of November 2024, the provider has signed contracts with 25 mining companies. Their […]”, — write: businessua.com.ua
Bitcoin miners provide almost a fifth of all revenues from electricity sales in Ethiopia. This was reported by The Africa Report with reference to the director from the marketing of the state energy supplier Ethiopian Electric Power (EEP) Hiwat Eshetu.
“Currently, 18% of EEP’s monthly sales come from Bitcoin mining. This is more than all of Ethiopia’s electricity exports to neighboring countries,” he said.
As of November 2024, the provider has signed contracts with 25 mining companies. They were interested in electricity prices, reduced in connection with the partial commissioning of a new hydroelectric power plant on the Blue Nile River.
In particular, the favorable conditions attracted many Bitcoin miners from China, the country that financed the construction of the dam. In February, 19 of the companies that signed contracts with EEP were Chinese.
In December, Bitcoin miner Kal Kassa reported that hardware hosted in the country was responsible for 2.5% of the total hash rate on the Bitcoin network. The total consumption is about 600 MW. Revenues from the sale of electricity between January and November 2024 amounted to about $55 million.
According to Eshetu, the developing country’s infrastructure is not yet capable of handling such a large amount of energy, so without mining consumers, the electricity would be “wasted”.
“[У біткоїн-майнерів] a lot of money for investment, and we need a lot of money to develop our network. It’s a win-win situation,” added EEP’s Marketing Director.
It will be recalled that in May, Marathon Digital Holdings announced an investment of $80 million in “green” Bitcoin mining in Kenya.
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