Five countries, including El Salvador and Ethiopia, are utilizing government resources to mine Bitcoin, signaling increased state involvement in cryptocurrency. These nations are investing in mining infrastructure, leveraging state energy, and potentially reassessing the global financial system's role in cryptocurrencies.
Ethiopia earned $55 million in 10 months from Bitcoin mining, benefiting the nation’s infrastructure and energy grid improvement.
UAE's Hodler Investments and China's GCL Energy Investment are collaborating on a new energy venture in Ethiopia to support data centers.
Developing countries are quietly adopting Bitcoin through state-funded mining projects. Industry expert David Bailey predicts substantial nation-state investments, potentially reaching billions monthly. This movement may transition Bitcoin from pilot projects to national reserves for financial autonomy and reduced reliance on the US dollar.
Argentina, UAE, and Ethiopia are using state resources to mine Bitcoin, aiming for financial independence and reducing reliance on the US dollar in trade.
Argentina, UAE, and Ethiopia begin state-backed Bitcoin mining to pursue financial independence from Western financial systems.
Nigeria releases a Binance executive this week, while Kenya's KRA targets crypto holders. Ethiopia strengthens its lead in cryptocurrency mining.
BitFuFu plans to acquire an 80 MW mining facility in Ethiopia to expand operations and cut energy costs. This acquisition will increase their total capacity to over 600 MW, deploying Bitmain S21 ASIC miners to boost mining capabilities by 4.6 EH/s, with energy costs below $0.04 per kWh.
BitFuFu's mining expenses increased by 168% year-on-year, reducing net profit. The company aims to cut costs by investing in energy-efficient equipment and expanding to regions with cheaper electricity.
BitFuFu's Ethiopian facility offers electricity at $0.04/kWh, reducing Bitcoin production costs and increasing profitability. This allows the company to expand capacity significantly.
Bitfufu acquires an 80MW Bitcoin mining facility in Ethiopia, marking its strategic expansion into Africa and a shift from an asset-light strategy to a broader infrastructure portfolio.
BitFuFu plans to acquire a majority stake in an 80MW mining facility in Ethiopia to cut costs and improve profits.
BitFuFu, partnered with Bitmain, acquires an 80 MW Bitcoin mining facility in Ethiopia, marking a strategic shift towards global presence and asset ownership. This move boosts BitFuFu's capacity and leverages Ethiopia's hydroelectric potential for Bitcoin mining, enhancing profitability. The exact facility location remains undisclosed.
BitFuFu expands its operations with the launch of its first physical Bitcoin mining facility in Ethiopia, moving beyond its cloud mining origins.
BitFuFu has acquired an 80MW Bitcoin mining facility in Ethiopia, reducing electricity costs to $0.04/kWh. This is a significant expansion for their operations.
Ethiopia is now the fourth-largest Bitcoin hashrate contributor, surpassing Canada and Russia with 600 MW in mining capacity. Abundant hydropower and 2022's mining legalization bolster this growth. The government supports infrastructure and seeks investors, positioning Ethiopia as a potential African crypto industry leader with possible $1 billion in investments.
Ethiopian miners prefer Bitmain S19J Pro and Canaan A1346 models for Bitcoin mining due to their efficiency and cost-effectiveness. The combination of low electricity costs and these rigs enhances profitability and sustainability in the region, encouraging more participants in the mining sector.
Ethiopia plans to boost its cryptocurrency mining capacity by hundreds of megawatts by year-end, driven by foreign investments and government backing.
Ethiopian Electric Power (EEP) officially supports Bitcoin mining, aiming to allocate additional power for operations. This move could attract international investors and boost Ethiopia's global cryptocurrency market position.
Ethiopia is emerging as a new Bitcoin mining hub, using 600 MW of its electricity for mining, about 11.5% of its total capacity. Despite half the population lacking electricity access, government support and international investments are boosting the crypto industry, likely enhancing economic growth in the region.
South Africa enforces crypto tax compliance. Kenya sees increased stablecoin use, while Ethiopia strengthens its position as a mining hub.
Ethiopia is rapidly becoming a major player in Bitcoin mining with a 600 MW capacity boost.
Ethiopia has increased its Bitcoin mining power allocation to 600 MW, positioning itself as a leading market in the industry. The country plans further capacity expansions, with miners using efficient mid-generation machines for low power consumption.
Ethiopia is becoming a major Bitcoin mining hub due to its abundant hydroelectric power and affordable electricity costs. Local miners use around 600MW, with more capacity expected, making Ethiopia one of Africa's leading cryptocurrency mining centers.
Ethiopia emerges as a key player in Bitcoin mining due to its electricity cost advantages, contributing significantly to the global market with 600 MW power capacity.
Ethiopia is making strides in Bitcoin mining, using 600 MW of power, leveraging affordable electricity, but facing power challenges.
IOG has halted development of the Atala Prism project aimed at transforming educational and identity systems in Ethiopia, as per announcements on Midnight Discord and internal confirmations.
Stablecoins now account for 43% of Sub-Saharan Africa's cryptocurrency transaction volume due to local currency devaluation in countries like Nigeria and Ethiopia, according to Chainalysis.
Bitcoin mining can boost energy infrastructure development in Africa by attracting investments and leveraging renewable energy sources.
Seven countries, including Ethiopia, Kenya, and Argentina, are now mining Bitcoin with government support, recognizing its potential for economic development and energy infrastructure enhancement.
Binance recently launched its Telegram mini-game Moonbix, a tap-to-earn game focusing on skill and timing. The game has quickly amassed nearly 15 million users and aims to attract new users to Binance's exchange platform. Moonbix capitalizes on the popularity of casual, crypto-themed gaming and space exploration.
Ethiopia emerges as a new frontier for Bitcoin mining due to its favorable conditions.
