Ethiopia is witnessing a significant surge in Bitcoin (BTC) mining activity, with reports indicating that the country’s Bitcoin hashrate is now powered by 600 MW. According to Ethan Vera, co-founder and chief operating officer of Luxor, this increase marks an impressive leap in Ethiopia’s engagement with cryptocurrency mining. Also, it positions the country as a potential hub in Africa’s rapidly growing crypto landscape.
Ethiopia Confirmed 600MW of Operational Miners
Increased Bitcoin mining in Ethiopia is expected to bolster the local economy and attract foreign investors and miners. Meanwhile, miners in Ethiopia mainly use mid-generation mining rigs, such as the Antminer S19J Pro and Avalon A1346. These rigs can process about 100 trillion hashes per second and are 30 times more efficient than previous models.
The total power capacity of these rigs is about 600 megawatts, which can generate approximately 19 EH/s per second in the country. This is around 2.5% of the total network capacity for Bitcoin mining. Notably, the country’s entry into this space could offer a pathway to increased technological development and economic diversification.
Ethiopia Attracts BTC Miners With Renewable Energy
Recall that Africa’s second-most populous nation with over 123 million people, has transformed, regarding cryptocurrencies. The country is attracting Bitcoin miners and blockchain technology, assisting Ethiopia regarding education fraud. Furthermore, Ethiopia’s conditions favor crypto as it has abundant and affordable electricity primarily sourced from renewable energy. This is a huge attraction to Bitcoin miners seeking to make it a hub of mining companies.
In February, Ethiopian Investment Holdings (ELH) signed a substantial agreement with Hong Kong-based West Data Group’s Center Service PLC. The agreement is to launch Bitcoin mining operations and construct a large data center for managing crypto mining.
Bitcoin Mining Boosts
Bitcoin mining saw a significant rise in profitability in June compared to May, thanks to a 2% gain in the cryptocurrency’s price and a 5% decrease in network hashrate. According to a recent study report from Jefferies Investment Bank, market movements following the halving have been critical in driving this recovery.
In terms of production, US-listed mining businesses boosted the amount of new Bitcoin in June, accounting for 20.8% of the overall network, up from 19.1% in May. Marathon Digital led the pack, mining 590 Bitcoin in June, despite a 4% drop from May. CleanSpark (CLSK) mined 445 Bitcoins, representing a 7% increase from the previous month.
Moreover, Marathon’s installed hashrate remains the highest among US-listed miners, at 31.5 exahashes per second (EH/S). Riot Platforms (RIOT) follows with a hashrate of 22 EH/s.
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