#BIT Mining Ethiopia Mining#

BIT Mining has made significant progress in its mining operations in Ethiopia, leveraging the country's low electricity costs to extend the lifespan of its Bitcoin mining rigs. 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 United States. As Ethiopia's electricity costs are about 70% lower than in the US, BIT Mining was able to relocate these older rigs to the country, extending their lifespan by approximately two years. This model has created a positive feedback loop for BIT Mining, attracting more investment and increasing the return on its mining rigs. Ethiopia's abundant hydropower resources, coupled with the government's support for Bitcoin mining, have provided BIT Mining with a unique investment opportunity. Currently, Ethiopia contributes 1.5% of the Bitcoin network's hashrate, comparable to Norway. Despite facing social unrest, BIT Mining opted to purchase existing facilities rather than building 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, believing that the country holds immense potential due to its low-cost construction and resource advantages.