MEDIA: Ethiopia invested $1 billion in the bitcoin mining sector in 2024

Ethiopia is actively utilizing hydroelectric resources, including the Grand Ethiopian Renaissance Dam, to increase mining capacities, writes The Africa Report.

The largest electricity producer in the country — Ethiopian Electric Power — generates 18% of the company's revenue from this sector, surpassing profits from electricity exports to neighboring countries.

Over the past year, the country has invested more than $1 billion in cryptocurrency mining. The government has signed agreements with 25 enterprises, which allowed for the rapid attraction of tens of millions of dollars in revenue.