According to PANews, Africa currently accounts for 3% of the global Bitcoin mining hash rate as of December 2024. Ethiopia alone contributes 2.5% of this, more than doubling the entire continent's output from 2023, and achieves this entirely through renewable energy. Data from the Ethiopian Electric Power (EEP) indicates that Ethiopia earned over $55 million from electricity sales for Bitcoin mining this year, representing 18% of its total revenue.
Following Ethiopia's approval of Bitcoin mining earlier this year, the local industry has seen significant growth, with reported expenditures on mining infrastructure exceeding $1 billion in 2024. Other African nations, such as Kenya, are also eager to leverage Bitcoin mining to boost economic growth, electrify communities, and manage green energy projects. Africa is becoming a favored location for global Bitcoin miners due to its access to some of the world's cheapest green energy, with Ethiopia's cost per kilowatt-hour at just 3.2 cents.
