But it holds special appeal for Chinese companies, which once dominated Bitcoin mining but have struggled to compete with local rivals in Texas, the current hub. China’s reign as the epicenter of Bitcoin mining came to an abrupt end in 2021, when the government banned it. Yet for Bitcoin miners — especially Chinese ones — Ethiopia represents a unique blend of economic and political advantages. Encouraged by China’s rising stature in Africa, Chinese Bitcoin miners are also starting to look at countries like Angola and Nigeria, said Xu. “The Chinese miners don’t have any problems building sites in Africa,” he said.

Source: Ethiopian News February 08, 2024 01:28 UTC