Bitcoin

In a significant shift within the crypto mining landscape, Chinese <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/">Bitcoin miners</a> are relocating to Ethiopia, attracted by the allure of inexpensive <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/">electricity</a> offered by the Grand Ethiopian Renaissance Dam. This move comes after <a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/">China</a>'s stringent ban on Bitcoin mining, pushing these miners to explore new territories that promise lower operational costs and favorable governmental attitudes towards cryptocurrency mining, according to <a href="https://technext24.com/2024/02/08/ethiopia-bitcoin-mining-ban-on-crypto/">Technext24</a>. 
Ethiopia, with its exceptionally low electricity rates and an open-armed welcome from the government, has emerged as a promising new frontier for these displaced miners. Ethan Vera, COO at <a href="https://ultramining.com/news/en/luxor-innovates-with-extended-contracts-and-daily-settlements-for-enhanced-bitcoin-mining/">Luxor</a> Technology, highlights Ethiopia's appeal, combining affordable power with a government receptive to Bitcoin mining. However, this transition is shadowed by ethical and logistical concerns, considering that a significant portion of Ethiopia's population still lacks access to electricity. 
The narrative in Ethiopia mirrors the earlier exodus of miners to <a href="https://ultramining.com/news/en/global-bitcoin-mining-activity-soars-hashrate-hits-record-high/">Kazakhstan</a> post-China's ban. Initially, Kazakhstan offered a refuge with its abundant energy resources and miner-friendly policies. Yet, the sector's rapid expansion led to energy shortages and regulatory hurdles, illustrating the delicate balance required to sustain large-scale mining operations without straining local resources or infrastructure. 
As Chinese <a href="https://ultramining.com/news/en/hut-8s-q2-2023-a-bitcoin-mining-marvel/">crypto miners</a> venture into Ethiopia, they are potentially buoyed by China's extensive investments in the country. This geopolitical leverage, coupled with Ethiopia's need for foreign currency, might pave the way for a mutually beneficial arrangement.&nbsp;

Chinese Bitcoin Miners Seek New Horizons in Ethiopia Amid Cheap Electricity

Ultramining_Eng

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