BIT Mining's latest move in Ethiopia has attracted widespread attention in the crypto industry. Through a $14 million deal, the company acquired 51 megawatts of power facilities and nearly 18,000 Bitcoin mining machines. Because local electricity costs are about 70% lower than in the United States, BIT Mining was able to move old mining machines that were eliminated in the United States here, extending the life of the equipment by about two years⏳.

Ethiopia's abundant hydropower resources and government support for Bitcoin mining provide the company with a unique opportunity. Despite social unrest, BIT Mining chose to purchase existing facilities to reduce risks. Ethiopia currently contributes 1.5% of the Bitcoin network's computing power, which is comparable to Norway⚡.