United

Bitcoin

<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.
#Binance #WRITE2EARN
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

ItsBitcoinWorld

2024년 2월 12일에 게재된 다른 기사

Celestia (TIA) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Whales accumulate STX and ADA; NUGX, a new P2E memecoin, next on their Radar

Neo (NEO) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Smart Layer Unveils Advanced ERC-404 Application for Superior Token Control and Security

UniLend V2: Mainnet Now Live on Ethereum

Bitget Token (BGB) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!