Bitcoin Miners Account for 18% of Ethiopia’s Electricity Sales

Bitcoin miners contribute nearly a fifth of all electricity sales revenue in Ethiopia, according to The Africa Report, citing Hiwot Eshetu, Marketing Director of the state-owned Ethiopian Electric Power (EEP).

“Currently, 18% of EEP’s monthly sales come from Bitcoin mining. This exceeds all of Ethiopia’s electricity exports to neighboring countries,” he noted.

As of November 2024, the supplier signed contracts with 25 mining companies. They were attracted by reduced electricity prices due to the partial commissioning of a new hydroelectric power station on the Blue Nile River.

In particular, favorable conditions drew many Bitcoin miners from China, the country that financed the dam’s construction. By February, 19 of the companies that signed contracts with EEP were Chinese.

In December, Bitcoin miner Kal Kassa reported that equipment located in the country accounts for 2.5% of the total hash rate in the Bitcoin network. The total consumption is about 600 MW. Revenue from electricity sales between January and November 2024 amounted to approximately $55 million.

According to Eshetu, the country’s developing infrastructure is currently unable to handle such an amount of energy, so without miner consumers, the electricity would be “wasted.”

“[Bitcoin miners] have a lot of money to invest, and we need a lot of money to develop our network. It’s a win-win situation,” added the EEP Marketing Director.

Back in May, Marathon Digital Holdings announced an $80 million investment in “green” Bitcoin mining in Kenya.