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<a href="https://bitcoinworld.co.in/cheap-electricity-costs-in-ethiopia-is-attracting-chinese-crypto-mining-companies/" title="Cheap Electricity Costs In Ethiopia Is Attracting Chinese Crypto Mining Companies" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">Cheap electricity costs in Ethiopia is attracting Chinese crypto mining companies to the country.</li>
 <li style="font-weight: 400">Rejected by their native country, Chinese crypto mining companies are increasingly investing in operations in Ethiopia.&nbsp;</li>
 <li style="font-weight: 400">However, an uncertain political situation presents potential risks, according to a new report.&nbsp;</li>
</ul>
Chinese crypto mining companies are increasingly turning towards Africa, and Ethiopia in particular, for their crypto mining operations, according to a new <a href="https://www.bloomberg.com/news/articles/2024-02-08/bitcoin-mining-why-ethiopia-is-attracting-chinese-crypto-miners" rel="noopener noreferrer nofollow">report</a> in Bloomberg.&nbsp;
Ethiopia, like China, officially bans cryptocurrency trading, but the country legalized Bitcoin mining in 2022.&nbsp;
Now, Chinese companies which have spent the years since China’s 2021 cryptocurrency ban searching for a new investment hub are increasingly investing in operations inside the African nation.&nbsp;
According to Bloomberg, 19 of the 21 companies which have struck deals with Ethiopia’s power monopoly are Chinese.&nbsp;
See Also: <a class="row-title" href="https://bitcoinworld.co.in/ethiopia-emerges-as-a-key-destination-for-chinese-bitcoin-miners/" aria-label="“Ethiopia Emerges As A Key Destination For Chinese Bitcoin Miners” (Edit)" rel="noopener noreferrer nofollow">Ethiopia Emerges As A Key Destination For Chinese Bitcoin Miners</a>
Miners are attracted by Ethiopia’s cheap electricity, of which 92% is provided by hydropower, even though nearly half of all Ethiopians live without access to electricity.&nbsp;
Ethiopia’s temperate climate is also favorable to mining operations, while Texas, the United States’ biggest hub for mining, often faces higher temperatures, making cooling the machines more costly.&nbsp;
Some miners may even present themselves as different operations, like factories or agricultural projects, in order to access electricity without official state approval for Bitcoin mining, according to the report.&nbsp;
However, similar operations in Iran and Kazakhstan were shut down after sudden government reversals; a potential political upheaval in Ethiopia makes investing there a gamble, according to the report.&nbsp;
Elsewhere in Africa, hydropower has also been used in the Democratic Republic of Congo to benefit a national park and its local population.
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The post <a href="https://bitcoinworld.co.in/cheap-electricity-costs-in-ethiopia-is-attracting-chinese-crypto-mining-companies/" rel="noopener noreferrer nofollow">Cheap Electricity Costs In Ethiopia Is Attracting Chinese Crypto Mining Companies</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Cheap Electricity Costs In Ethiopia Is Attracting Chinese Crypto Mining Companies

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