Chinese Bitcoin miners, expelled from their native land, are now turning their attention to Africa, specifically Ethiopia, drawn by the prospect of affordable electricity. Ethiopia is rapidly becoming a hub for Bitcoin mining, thanks to its exceptionally low electricity costs, among the most competitive globally, and a government increasingly receptive to the idea of Bitcoin mining operations. This creates a delicate equilibrium between embracing the lucrative Bitcoin mining sector and addressing the pressing domestic energy needs. This migration pattern mirrors the trajectory seen in Kazakhstan after China’s 2021 ban on Bitcoin mining. As Chinese miners navigate the intricacies of establishing operations in Ethiopia, they find themselves in a geopolitically advantageous position.

Source: Ethiopian News February 09, 2024 15:45 UTC