#BitwiseBitcoinETF Bitcoin miners account for 18% of all electricity sales in Ethiopia

Bitcoin miners account for almost a fifth of all electricity sales revenue in Ethiopia. This was reported by The Africa Report, citing Hiwat Eshetu, the marketing director of the state-owned energy supplier Ethiopian Electric Power (EEP). As of November 2024, the supplier had signed contracts with 25 mining companies. They were interested in electricity prices that had been reduced due to the partial commissioning of a new hydroelectric power station on the Blue Nile River.

In particular, the preferential terms attracted many bitcoin miners from China, the country that financed the construction of the dam. In February, 19 of the companies that signed contracts with EEP were Chinese.