BIT Mining Limited has announced the acquisition of 51-megawatt crypto mining data centers and 17,869 high-performance Bitcoin mining machines in Ethiopia in a transaction valued at $14.3 million on December 3 2024.
“Upon completion of the first phase, a 35-megawatt operational and electrified crypto mining data center and all the BTC mining machines will be transferred to the company. The first phase is expected to close in the next few days,” said a press release.
“The second phase, which involves transfer of the remaining data centers to the company, is expected to close upon completion of construction of the remaining data centers.”
BIT Mining is a leading technology-driven cryptocurrency mining company with operations in cryptocurrency mining, data center operation, and mining machine manufacturing. The company also owns 7-nanometer BTC chips and has strong capabilities in the development of LTC/DOGE miners and ETC miners.
“This transaction represents a significant milestone in advancing our global development strategy,” remarked Mr. Xianfeng Yang, CEO of BIT Mining,
“Following the divestiture of our mining pool business, we have sharpened our focus on bolstering core competencies by dedicating resources to mining machine innovation, self-operated mining, and mining data center operations.
With our expanded market presence and robust operational capabilities, we are well-equipped to further solidify our competitive edge and enhance our profitability and financial standing, paving the way for long-term, sustainable growth.”
This strategic move enhances BIT Mining’s operational capacity and positions the company to capitalize on Ethiopia’s fast-growing Bitcoin mining market.
The East African nation has become a key player in the global Bitcoin mining industry, thanks to its abundant and cost-effective energy resources, particularly hydropower.
In the past ten months, the country has generated $55 million in Bitcoin mining revenue, attracting international mining companies, especially those relocating from China.
BITCOIN | #Ethiopia Government Generates $55 Million from #Bitcoin Mining Operations Over the Past 10 Months
Ethiopia’s current mining capacity translates to a significant 2.25% of the total Bitcoin hash rate.https://t.co/tzRHVlkhLz pic.twitter.com/NBvvfC32UZ
— BitKE (@BitcoinKE) November 7, 2024
With competitive energy prices and a commitment from Ethiopian Electric Power (EEP) to supply 600 megawatts of electricity for mining operations, Ethiopia now controls 2.25% of the global Bitcoin mining market.
The government is also keen to turn the country into a Bitcoin mining and technology hub signing a $250 million memorandum of understanding (MoU) with Hong Kong-based West Data Group in February 2024.
BITCOIN | The Ethiopian Sovereign Wealth Fund to Start Mining Bitcoin Under a $250 Million Deal
On February 15 2024, the #Ethiopian Sovereign Wealth Fund, Ethiopian Investment Holdings (EIH), inked a memorandum of understanding with the Hong Kong-based West Data Group’s… pic.twitter.com/VzOX7StrVj
— BitKE (@BitcoinKE) February 23, 2024
The partnership will enable the development of infrastructure to support data mining and artificial intelligence training operations.
Currently, approximately 18 data mining companies are operating in Ethiopia, with electricity consumption ranging between 10 and 100 MW.
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