#BIT Mining Ethiopia Mining#

BIT Mining's mining operations in Ethiopia are booming, fueled by the country's low electricity costs and government support. Through a $14 million deal, BIT Mining acquired a 51-megawatt power facility and nearly 18,000 Bitcoin mining rigs that were previously decommissioned in the US due to high electricity costs. Ethiopia's electricity costs are about 70% lower than in the US, allowing BIT Mining to extend the lifespan of these older rigs by about two years. This model creates a positive feedback loop for BIT Mining, attracting more investment and increasing the return on mining rigs. Ethiopia's abundant electricity resources, particularly hydropower from the Chinese-funded 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, AI data centers, and more Bitcoin mining projects, as they believe the country has immense potential with its low-cost construction and resource advantages.