According to reports, Bitcoin Mining companies from China have been migrating their base into Ethiopia, despite the country’s ban on crypto trading. Bitcoin Mining, a process that validates Bitcoin transactions consists of mining systems competing with each other to solve a cryptographic problem and award bitcoin. The three biggest costs for Bitcoin mining are electricity, network infrastructure, and mining infrastructure. Now, Bitcoin mining is an energy-intensive process with customized mining systems that compete to solve a cryptographic problem. More details on the Ethiopia Bitcoin miningEthiopia allowed Bitcoin mining starting in 2022 although the East African country still bans cryptocurrency trading.

Source: Ethiopian News February 08, 2024 11:03 UTC