Ethiopia is leveraging its hydroelectric power, particularly from the Grand Ethiopian Renaissance Dam (GERD), to fuel Bitcoin mining and bolster its economy.
This strategy has made Bitcoin mining a key revenue stream, contributing 18% of Ethiopian Electric Power’s (EEP) income and generating over $55 million in revenue within ten months.
With electricity priced at just 3.2 cents per kilowatt-hour, Ethiopia has become a hub for Bitcoin mining, attracting over 25 mining companies and significant international investment, including from Chinese miners displaced by China’s crypto ban.
The benefits extend beyond Ethiopia, with renewable energy-powered crypto-mining initiatives across Africa driving economic development and supporting conservation efforts. Projects in Kenya, Zambia, and the Democratic Republic of the Congo (e.g., Virunga National Park) are using mining to electrify rural areas and fund environmental projects.
Ethiopia’s approach demonstrates the potential of combining renewable energy with Bitcoin mining to achieve economic growth and sustainability, setting a precedent for similar initiatives across the continent.
Image Credit: Pixabay
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