Chinese Bitcoin Miners Migrate to Ethiopia Over Cheap Electricity


Chinese Bitcoin miners, expelled from their native land, are now turning their attention to Africa, specifically Ethiopia, drawn by the prospect of affordable electricity. The epicenter of this emerging trend is the Grand Ethiopian Renaissance Dam, the largest in Africa.

Thank you for reading this post, don't forget to subscribe!

Ethiopia is rapidly becoming a hub for Bitcoin mining, thanks to its exceptionally low electricity costs, among the most competitive globally, and a government increasingly receptive to the idea of Bitcoin mining operations. Ethan Vera, Chief Operations Officer at Luxor Technology, emphasized the unique appeal of Ethiopia, stating, “Ethiopia offers a unique combination of affordable power and a government that is welcoming Bitcoin mining.”

However, this shift is not without its challenges. Despite improvements since 2016, approximately half of Ethiopia’s population still lacks access to electricity in 2024. This creates a delicate equilibrium between embracing the lucrative Bitcoin mining sector and addressing the pressing domestic energy needs.

This migration pattern mirrors the trajectory seen in Kazakhstan after China’s 2021 ban on Bitcoin mining. Initially, Kazakhstan witnessed a surge in miners attracted by its proximity to China, abundant energy resources, and favorable regulatory climate. However, the industry’s rapid expansion resulted in energy shortages and regulatory hurdles, leading to a substantial decline.

As Chinese miners navigate the intricacies of establishing operations in Ethiopia, they find themselves in a geopolitically advantageous position. China, being Ethiopia’s primary source of foreign investment, has provided substantial support for various projects in the country. This relationship, combined with Ethiopia’s requirement for foreign currency inflows, sets the stage for a potentially symbiotic association.

Nevertheless, the global Bitcoin mining sector is evolving under the influence of diverse factors, including geopolitical dynamics, environmental concerns, and the pursuit of sustainable energy sources. While Chinese miners embark on this new venture in Ethiopia, the cautionary tale of Kazakhstan emphasizes the need for a meticulous approach that balances industry growth with broader economic and environmental considerations.

Peter Okafor
Peter Okafor
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

Share post:



More like this

FGN bonds: DMO raises N1.4 trn in February auction

February 21, 2024. Azonuchechi Chukwu. The Debt Management Office (DMO) said...

Enugu Police Rescue 20 Kidnap Victims, Arrest 83 Suspects

February 21, 2024. Azonuchechi Chukwu. The Police Command in Enugu State...

Tinubu Promises Millions of Jobs By Unlocking Trillions In Public Wealth To Boost Nigeria’s Economy

Feb 21,2024. President Bola Ahmed Tinubu has disclosed that his...

Hunger……. Presidency Blames Economic Saboteurs For Food Crisis

Feb 21,2024. Presidency has accused unscrupulous Nigerians of working to...
WP to LinkedIn Auto Publish Powered By :