#BIT Mining Ethiopia Mining#

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Overview

BIT Mining has invested $14 million in Ethiopia, acquiring a 51-megawatt power facility and nearly 18,000 Bitcoin mining rigs. With electricity costs in Ethiopia being about 70% lower than in the US, the company has been able to relocate older mining rigs that were being phased out in the US, extending their lifespan by about two years. Ethiopia's abundant electricity resources and government 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 social unrest, BIT Mining opted to purchase existing facilities rather than build new ones to mitigate potential risks. In the future, the company plans to explore further investment opportunities in Ethiopia, including energy infrastructure, artificial intelligence data centers, and more Bitcoin mining projects.

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Analysis

BIT Mining's mining operations in Ethiopia have attracted widespread attention. The company acquired a 51-megawatt power facility and nearly 18,000 Bitcoin mining rigs through a $14 million deal, leveraging Ethiopia's low electricity costs (about 70% lower than the US) to extend the lifespan of older mining rigs. This model not only creates a positive feedback loop for BIT Mining, attracting more investment and increasing mining rig returns, but also makes Ethiopia a popular destination for Bitcoin 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, artificial intelligence data centers, and more Bitcoin mining projects, taking full advantage of the country's low-cost construction and resource advantages.

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Classic Views

Ethiopia's low electricity costs provide a favorable condition for Bitcoin mining, which can extend the lifespan of mining rigs and increase mining returns.

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BIT Mining has acquired existing facilities, leveraging Ethiopia's abundant hydropower resources and government support, reducing investment risks and generating substantial mining profits.

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Ethiopia currently contributes 1.5% of the Bitcoin network's hashrate, with immense potential to attract further investment and develop energy infrastructure, artificial intelligence data centers, and other sectors.

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Despite social unrest in Ethiopia, BIT Mining's decision to invest locally demonstrates its confidence in the country's future development and its belief in its low-cost advantages and resource strengths.

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