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In a landmark move, Ethiopia has joined forces with <a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/">China</a>, stepping into the realm of Bitcoin mining through a strategic deal that capitalizes on Ethiopia's affordable hydropower resources. This collaboration marks Ethiopia's entry as the first African nation to significantly engage in Bitcoin mining, despite global environmental concerns. The deal between Ethiopia and China, both members of the BRICS alliance, underscores a shared vision for leveraging renewable energy resources to foster economic growth and digital currency innovation, according to <a href="https://watcher.guru/news/brics-enters-bitcoin-mining-china-ethiopia-sign-btc-miners-deal">Watcher</a>. 
Ethiopia's State <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/">Electricity</a> Company has unveiled a plan to attract foreign investments by offering cost-effective hydropower, a move that caught the attention of Chinese investors. This initiative has led to the signing of a deal with China for Bitcoin mining operations, showcasing Ethiopia's ambition to become a hub for digital currency mining by utilizing its renewable energy capabilities. The agreement not only highlights Ethiopia's pursuit of foreign exchange through innovative means but also positions it as a leading destination for Bitcoin mining activities. 
A recent Bloomberg report reveals that 19 Chinese <a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/">Bitcoin miners</a> have secured a power supply agreement in Ethiopia, out of 21 applicants, indicating a significant Chinese interest in Ethiopia's energy offerings. However, the Ethiopian government has set stringent regulations for Bitcoin mining operations, emphasizing the need for comprehensive government approvals to ensure sustainable and regulated development in this new sector. 
The partnership between Ethiopia and China could potentially set a precedent for other BRICS nations, suggesting a broader strategy to dominate the Bitcoin <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/">mining industry</a>. This move could pose a challenge to the current global mining landscape, particularly to <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/">Texas</a>, USA, which is known as a major hub for Bitcoin mining. Texas miners consume a substantial amount of energy, highlighting the energy-intensive nature of Bitcoin mining and the ongoing debate over its environmental impact. 
This BRICS-led initiative reflects a strategic pivot towards embracing renewable energy sources for digital currency mining, potentially reshaping the global Bitcoin mining dynamics. As the partnership unfolds, it will be crucial to monitor its implications on the global energy market and the broader digital currency ecosystem, especially in terms of sustainability, regulation, and international cooperation.

BRICS Expands Bitcoin Mining Influence: Ethiopia and China Forge Strategic Partnership

Ultramining_Eng

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