#BIT Mining Ethiopia Mining#

BIT Mining's mining operations in Ethiopia are thriving, leveraging the country's low electricity costs to extend the lifespan of 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 US due to high electricity prices. Ethiopia's electricity costs are about 70% lower than in the US, enabling BIT Mining to relocate these older rigs and extend their lifespan by approximately two years. This model creates a positive feedback loop, attracting further investment and boosting mining rig returns. Ethiopia's abundant hydropower resources, coupled with the government's support for Bitcoin mining, provide BIT Mining with a unique investment 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 building new ones to mitigate potential risks. Looking ahead, BIT Mining plans to explore further investment opportunities in Ethiopia, including energy infrastructure, AI data centers, and more Bitcoin mining projects, as the company believes the country holds immense potential with its low-cost construction and resource advantages.