Ethiopia Signs $250 Million Bitcoin Mining Deal, Taps Renewables in African First
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Ethiopian Investment Holdings signed an agreement with West Data Group to start a $250 million bitcoin mining operation in Ethiopia. This would make Ethiopia the first African country to start mining bitcoin.
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Despite banning crypto trading, Ethiopia passed laws in 2022 permitting high-performance computing and data mining, allowing bitcoin mining.
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Ethiopia has an abundance of cheap, renewable hydro energy sources and a suitable climate that makes it attractive for bitcoin mining companies.
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Bitcoin mining could help provide electricity to many of Ethiopia's citizens lacking access, leveraging excess renewable energy production capacity.
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If strategically leveraged, bitcoin mining could contribute $2-4 billion to Ethiopia's GDP and serve as a model for other African countries to address economic challenges.