The Ethiopian government is set to begin mining Bitcoin through a new partnership with Data Center Service — a subsidiary of West Data Group, according to Ethiopia-based Hashlabs Mining CEO Kal Kassa. Changing regulatory landscapeThe venture is not without its challenges and controversies, particularly concerning the energy-intensive nature of Bitcoin mining. Despite these concerns, the Ethiopian government’s move towards regulating “cryptographic products,” including mining, reflects a cautious yet optimistic approach to embracing the potential economic benefits of Bitcoin mining. The trend is part of a larger movement that has seen Chinese Bitcoin mining operations relocate in response to regulatory pressures at home and the search for cost-effective, regulatory-friendly environments abroad. The arrival of Chinese miners is underpinned by broader geopolitical and economic considerations.

Source: Ethiopian News February 15, 2024 18:22 UTC