https://en.sputniknews.africa/20240218/this-african-country-could-become-new-source-of-bitcoin-miners-1065130121.html
This African Country Could Become New Source of Bitcoin Miners
This African Country Could Become New Source of Bitcoin Miners
Sputnik Africa
Previously, Western media named Ethiopia as a leading destination for bitcoin mining, citing lower electricity prices compared to other African countries. 18.02.2024, Sputnik Africa
2024-02-18T10:24+0100
2024-02-18T10:24+0100
2024-02-18T10:33+0100
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Ethiopian Investment Holdings (EIH), the government's strategic investment arm, announced a preliminary agreement to develop infrastructure for data mining and artificial intelligence training operations.A memorandum of understanding for a $250 million project has been signed with a subsidiary of Hong Kong-based West Data Group, which plans to use innovative equipment to improve the efficiency of bitcoin mining, according to media reports.Last week, Western media reported that Ethiopia has become a prime location for bitcoin mining, becoming one of the largest recipients of bitcoin mining machines in the world.The outlet also pointed out the growing appeal of the East African nation to China for cryptocurrency mining amid strengthening bilateral ties.According to the state-owned Ethiopian Electric Power, 19 of the 21 companies officially registered by the authorities in the sector are Chinese.
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ethiopia, east africa, china, cryptocurrencies , technology, digital technology , industry
ethiopia, east africa, china, cryptocurrencies , technology, digital technology , industry
This African Country Could Become New Source of Bitcoin Miners
10:24 18.02.2024 (Updated: 10:33 18.02.2024) Previously, Western media named Ethiopia as a leading destination for bitcoin mining, citing lower electricity prices compared to other African countries.
Ethiopian Investment Holdings (EIH), the government's strategic investment arm, announced a preliminary agreement to develop infrastructure for data mining and artificial intelligence training operations.
A memorandum of understanding for a $250 million project has been signed with a subsidiary of Hong Kong-based West Data Group, which plans to use innovative equipment to improve the efficiency of bitcoin mining, according to media reports.
"This partnership aims to spearhead a groundbreaking data mining project that is dedicated to establishing cutting-edge infrastructure for data mining and artificial intelligence training operations in Ethiopia," the EIH said.
Last week, Western media reported that Ethiopia has become a prime location for
bitcoin mining, becoming one of the largest recipients of bitcoin mining machines in the world.
The outlet also pointed out the growing appeal of the East African nation to China for cryptocurrency mining amid strengthening bilateral ties.
According to the state-owned Ethiopian Electric Power, 19 of the 21 companies officially registered by the authorities in the sector are Chinese.
