Odaily Planet Daily News BIT Mining has acquired a 51 MW power facility and nearly 18,000 Bitcoin mining machines in Ethiopia through a $14 million deal. With electricity costs in Ethiopia being about 70% lower than in the United States, the company has been able to relocate older mining machines that were retired in the U.S. for local use, extending their lifespan by about two years. It is reported that Ethiopia's abundant hydroelectric resources (partly from China-funded projects such as the Grand Ethiopian Renaissance Dam) and the government's support for Bitcoin mining provide a unique opportunity for BIT Mining. Currently, Ethiopia contributes 1.5% of the Bitcoin network's computing power, comparable to Norway. Despite facing social unrest, BIT Mining chose to purchase existing facilities rather than build new ones to reduce potential risks. (CoinDesk)