Bit Mining (BTCM), a publicly traded Bitcoin miner, has expanded its global reach by acquiring a 51-megawatt (MW) mining facility and 18,000 bitcoin (BTC) mining rigs in Ethiopia. The deal, valued at $14 million, positions Bit Mining to take advantage of Ethiopia's low electricity prices. "Ohio in the United States, where we have existing operations, has high electricity prices and competition, and only the latest-generation mining machines can be used there," said Bit Mining's lead economist Youwei Yang. "However, in Ethiopia, where electricity prices are low, even old mining machines can be used profitably." The acquisition comes at a time when the Bitcoin mining industry is facing challenges due to rising energy costs and increasing competition. By securing access to low-cost electricity in Ethiopia, Bit Mining is positioning itself for long-term growth and profitability. The Ethiopian government has been actively promoting its country as a destination for cryptocurrency miners, offering incentives such as tax breaks and access to renewable energy sources. Bit Mining's investment is a testament to the country's growing appeal within the cryptocurrency mining community.

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