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This African Country Could Become New Source of Bitcoin Miners

© AP Photo / Kin CheungFILE - An advertisement for Bitcoin cryptocurrency is displayed on a street in Hong Kong, on Feb. 17, 2022. Bitcoin slumped to a two-year low, Wednesday, Nov. 9, and other digital assets sold off following the sudden collapse of crypto exchange FTX Trading, which has been forced to sell itself to larger rival Binance.
FILE - An advertisement for Bitcoin cryptocurrency is displayed on a street in Hong Kong, on Feb. 17, 2022. Bitcoin slumped to a two-year low, Wednesday, Nov. 9, and other digital assets sold off following the sudden collapse of crypto exchange FTX Trading, which has been forced to sell itself to larger rival Binance. - Sputnik Africa, 1920, 18.02.2024
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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.

A general view of a newly inaugurated monument topped with the shape of Africa at the Adwa Victory Memorial museum in the historical Piazza neighbourhood of Addis Ababa on February 15, 2024, as the city prepares to host the 37th Ordinary Session of the Assembly of the African Union. - Sputnik Africa, 1920, 16.02.2024
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Adwa Victory Memorial: Commemorating Ethiopia's Triumph and Significance in African History
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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