BIT Mining 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 was able to transfer older mining machines that were phased out in the U.S. for local use, extending the machines' lifespan by about two years.
Ethiopia's abundant hydropower resources (partly from China-funded projects like the Grand Ethiopian Renaissance Dam) and the government's support for Bitcoin mining provide BIT Mining with unique opportunities. Currently, Ethiopia contributes 1.5% of the Bitcoin network's hash rate, comparable to Norway. Despite facing social unrest, BIT Mining chose to purchase existing facilities rather than build new ones to mitigate potential risks. (CoinDesk)

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