Chinese bitcoin mining companies attracted by Ethiopia's cheap electricity
As reported by Bloomberg, Ethiopia has become a privileged center for displaced Chinese bitcoin miners due to low electricity costs and optimal weather conditions for the operation of mining platforms.
According to a senior Bitmain executive, Ethiopia's ability to supply electricity for bitcoin mining could rival that of Texas, the largest cryptocurrency mining center in the United States, within a few years.
Several Chinese companies have also helped build the $4.8 billion Grand Ethiopian Renaissance Dam (GERD), Africa's largest hydropower plant, from which miners plan to supply themselves.
At their peak, Chinese bitcoin miners accounted for between 65% and 75% of the bitcoin network's "hash rate," or total computing power.
Source: Territorioblockchain.com
