Category: News, NFT News

Chinese Bitcoin Miners Increasingly Set Up Shop In Ethiopia

Ethiopia aims to rival Texas as a regional hub for […]

Ethiopia aims to rival Texas as a regional hub for crypto mining in the coming years.

Ethiopia is seeking to position itself as the next hub for large-scale Bitcoin mining firms.

In a Feb. 7 report from Bloomberg, Ethiopian Electric Power, the country’s nationalized power monopoly, has inked deals with 21 Bitcoin mining companies, 19 of which are from China.

Bloomberg said that Chinese mining firms began converging on Africa’s Grand Ethiopian Renaissance Dam, the largest dam in Africa, from roughly Q2 2023. The move followed Ethiopia’s regulators giving the green light to Bitcoin miners in 2022, despite the country continuing to prohibit digital asset trading.

Notably, the $4.8B dam was built with support from several Chinese construction firms in yet another sign of the growing economic integration between Sino companies and African nations — with China providing the largest source of foreign direct investment to Ethiopia. The dam’s construction was completed in July 2020.