{"id":19962,"date":"2024-12-27T16:55:50","date_gmt":"2024-12-27T14:55:50","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-miners-account-for-18-of-ethiopias-electricity-sales\/"},"modified":"2024-12-27T16:55:50","modified_gmt":"2024-12-27T14:55:50","slug":"bitcoin-miners-account-for-18-of-ethiopias-electricity-sales","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-miners-account-for-18-of-ethiopias-electricity-sales\/","title":{"rendered":"Bitcoin Miners Account for 18% of Ethiopia’s Electricity Sales"},"content":{"rendered":"

Bitcoin miners contribute nearly a fifth of all electricity sales revenue in Ethiopia, according to The Africa Report<\/a>, citing Hiwot Eshetu, Marketing Director of the state-owned Ethiopian Electric Power (EEP).<\/p>\n

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\u201cCurrently, 18% of EEP’s monthly sales come from Bitcoin mining. This exceeds all of Ethiopia’s electricity exports to neighboring countries,\u201d he noted.<\/p>\n<\/blockquote>\n

As of November 2024, the supplier signed<\/a> contracts with 25 mining companies. They were attracted by reduced electricity prices due to the partial commissioning of a new hydroelectric power station<\/a> on the Blue Nile River.<\/p>\n

In particular, favorable conditions drew<\/a> many Bitcoin miners from China, the country that financed the dam’s construction. By February, 19 of the companies that signed contracts with EEP were Chinese.<\/p>\n

In December, Bitcoin miner Kal Kassa reported that equipment located in the country accounts for 2.5% of the total hash rate in the Bitcoin network. The total consumption is about 600 MW. Revenue from electricity sales between January and November 2024 amounted to approximately $55 million.<\/p>\n

According to Eshetu, the country’s developing infrastructure is currently unable to handle such an amount of energy, so without miner consumers, the electricity would be \u201cwasted.\u201d<\/p>\n

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\u201c[Bitcoin miners] have a lot of money to invest, and we need a lot of money to develop our network. It’s a win-win situation,\u201d added the EEP Marketing Director.<\/p>\n<\/blockquote>\n

Back in May, Marathon Digital Holdings announced<\/a> an $80 million investment in \u201cgreen\u201d Bitcoin mining in Kenya.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin miners contribute nearly a fifth of all electricity sales revenue in Ethiopia, according to The Africa Report, citing Hiwot Eshetu, Marketing Director of the state-owned Ethiopian Electric Power (EEP). \u201cCurrently, 18% of EEP’s monthly sales come from Bitcoin mining. This exceeds all of Ethiopia’s electricity exports to neighboring countries,\u201d he noted. As of November […]<\/p>\n","protected":false},"author":1,"featured_media":19961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[284,18,1137],"class_list":["post-19962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-africa","tag-bitcoin","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"92","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/19962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=19962"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/19962\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/19961"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=19962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=19962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=19962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}