https://en.sputniknews.africa/20241228/ethiopias-excess-hydropower-generates-1-billion-in-bitcoin-mining-revenue-report-says-1069931383.html
Ethiopia's Excess Hydropower Generates $1 Billion in Bitcoin Mining Revenue, Report Says
Ethiopia's Excess Hydropower Generates $1 Billion in Bitcoin Mining Revenue, Report Says
Sputnik Africa
The country is reportedly leveraging its abundant hydropower, particularly from the Grand Ethiopian Renaissance Dam (GERD), to become a significant hub for... 28.12.2024, Sputnik Africa
2024-12-28T14:44+0100
2024-12-28T14:44+0100
2024-12-28T15:32+0100
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ethiopia
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Ethiopia generated over $1 billion in revenue in the past year through mining activities, surpassing earnings from power exports to neighboring countries, according to The Africa Report magazine.The report noted that Ethiopian Electric Power (EPP), a state-owned electricity producer, has partnered with 25 bitcoin mining companies, attracted by the low cost of electricity in Ethiopia, which, according to an independent source, the World Population Review, is one of the cheapest countries in the world with a tariff of $0.003 per KWH.This influx of foreign investment is boosting the Ethiopian economy and creating jobs, the report added.
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ethiopia, east africa, bitcoin, mining, economy, finance, power, electricity, hydropower, grand ethiopian renaissance dam, africa, cryptocurrencies
ethiopia, east africa, bitcoin, mining, economy, finance, power, electricity, hydropower, grand ethiopian renaissance dam, africa, cryptocurrencies
Ethiopia's Excess Hydropower Generates $1 Billion in Bitcoin Mining Revenue, Report Says
14:44 28.12.2024 (Updated: 15:32 28.12.2024) Elizaveta Roschina
Writer/Editor
The country is reportedly leveraging its abundant hydropower, particularly from the Grand Ethiopian Renaissance Dam (GERD), to become a significant hub for bitcoin mining in Africa.
Ethiopia generated over $1 billion in revenue in the past year through
mining activities, surpassing earnings from power exports to neighboring countries, according to The Africa Report magazine.
The report noted that Ethiopian Electric Power (EPP), a state-owned electricity producer, has partnered with 25
bitcoin mining companies, attracted by the low cost of electricity in Ethiopia, which, according to an independent source, the World Population Review, is one of the cheapest countries in the world with a tariff of $0.003 per KWH.
"Currently, 18% of EEP monthly sales come from bitcoin mining, up from nothing a year ago. This accounts for more than all of Ethiopia’s power exports to its neighbors," EEP’s marketing and business development director Hiwot Eshetu told the magazine.
This influx of foreign investment is boosting the Ethiopian economy and creating jobs, the report added.
