PANews January 1 news, according to (Forbes), as of December 2024, Africa currently accounts for 3% of the global Bitcoin mining hash rate, with Ethiopia alone contributing 2.5%, which is more than double the entire output of the African continent in 2023, and it is completely powered by renewable energy. According to data from the Ethiopian Electric Power (EEP), Ethiopia has generated over $55 million in revenue from electricity sales for Bitcoin mining this year alone, accounting for 18% of its total revenue.
Following Ethiopia's approval of Bitcoin mining earlier this year, local Bitcoin mining operations have seen significant growth, with spending on mining infrastructure exceeding $1 billion in 2024 (reportedly). Other countries, such as Kenya, have also joined the ranks of African nations eager to leverage Bitcoin mining to drive economic growth, provide electrification to communities, and manage green energy projects. Africa is a popular location for global Bitcoin miners due to its access to some of the cheapest green energy in the world, such as Ethiopia's price of 3.2 cents per kilowatt-hour.
