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BIT Mining Reuses Bitcoin Miners Thanks to Record Low Energy Costs in Ethiopia
Opportunities from Cheap Electricity Costs in Ethiopia
BIT Mining has invested $14 million to expand its operations in Ethiopia, including 51 MW of power and nearly 18,000 Bitcoin mining machines. This is an important step in the strategy of reusing old mining machines, which are no longer effective in the US due to high electricity costs.
According to Dr. Youwei Yang, chief economist of BIT Mining, electricity costs in Ohio are 70% or more higher, causing older mining machines to quickly become obsolete. Meanwhile, moving these machines to Ethiopia can extend their lifespan by 2 years, optimizing profits.
BIT Mining has invested $14 million to expand its operations in Ethiopia, including 51 MW of power and nearly 18,000 Bitcoin mining machines. This is an important step in the strategy of reusing old mining machines, which are no longer effective in the US due to high electricity costs.
According to Dr. Youwei Yang, chief economist of BIT Mining, electricity costs in Ohio are 70% or more higher, causing older mining machines to quickly become obsolete. Meanwhile, moving these machines to Ethiopia can extend their lifespan by 2 years, optimizing profits.
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