Cheap Energy Cost Fuels Chinese Bitcoin Miners Migration to EthiopiaEthiopia has become a lucrative destination for Bitcoin miners with lower energy costs and friendly government policies driving the move. According to Bloomberg, Bitcoin miners from China and other countries are setting up shop in the East African country followed by energy deals with electricity companies. In the following months, Bitcoin miners now look to grow operations in Ethiopia and rival Texas counterparts who became the new hub after the mining ban in China two years ago. Nou Xu, founder of the China Digital Mining Association explained that Ethiopia will be a destination for Chinese miners thanks to friendly government policies and cheaper energy costs. Per the Bloomberg report, Ethiopian state-owned power companies have signed agreements with 21 Bitcoin mining companies with 19 of them coming from China.

Source: Ethiopian News February 12, 2024 10:37 UTC