{"id":19241,"date":"2024-12-05T16:47:02","date_gmt":"2024-12-05T14:47:02","guid":{"rendered":"https:\/\/forklog.com\/en\/ethiopias-share-in-bitcoin-hashrate-reaches-2-5\/"},"modified":"2024-12-05T16:47:02","modified_gmt":"2024-12-05T14:47:02","slug":"ethiopias-share-in-bitcoin-hashrate-reaches-2-5","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ethiopias-share-in-bitcoin-hashrate-reaches-2-5\/","title":{"rendered":"Ethiopia&#8217;s Share in Bitcoin Hashrate Reaches 2.5%"},"content":{"rendered":"<p>Bitcoin miners based in Ethiopia now control 2.5% of the network&#8217;s computational power, according to local bitcoin miner Kal Kassa.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin miners in Ethiopia now command 2.5% of the global hash-rate.<\/p>\n<p>If trends continue, according to Ethiopian Electric Power (EEP), this will more than double within one year. <a href=\"https:\/\/t.co\/oW0G95TUDa\">pic.twitter.com\/oW0G95TUDa<\/a><\/p>\n<p>\u2014 Kal Kassa (@KalKassa) <a href=\"https:\/\/twitter.com\/KalKassa\/status\/1864272311420871050?ref_src=twsrc%5Etfw\">December 4, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cAccording to <span data-descr=\"state-owned monopoly electricity producer\" class=\"old_tooltip\">Ethiopian Electric Power<\/span>, if the trend continues, this figure will more than double within a year,\u201d he added.<\/p>\n<\/blockquote>\n<p>The figures align with recent statements by Luxor Mining co-founder and COO Ethan Vera. During a podcast <a href=\"https:\/\/www.youtube.com\/watch?v=KP9879zQxfg\">The Mining Pod<\/a> in November, the entrepreneur stated that the power consumed by miners in the country amounts to 600 MW. He noted that this figure could reach 1 GW by 2025, approximately 7% of the global bitcoin blockchain.<\/p>\n<p>According to <a href=\"https:\/\/ccaf.io\/cbnsi\/cbeci\/mining_map\">data<\/a> from the Cambridge Centre for Alternative Finance, as of January 2022, there were no significant bitcoin mining operations in Ethiopia, with experts estimating its share of the hashrate at zero.<\/p>\n<p>In 2023, Bloomberg journalists <a href=\"https:\/\/forklog.com\/en\/news\/chinese-miners-relocate-to-ethiopia-bloomberg-reports\">reported<\/a> that the African country has become a popular relocation destination for Chinese miners. Following the effective ban on cryptocurrencies in China in 2021, they increasingly chose this jurisdiction for their operations.<\/p>\n<p>Assessing the prospects of the bitcoin mining industry on the continent, Luxor analysts <a href=\"https:\/\/hashrateindex.com\/blog\/bitcoin-mining-around-the-world-africa\/\">noted<\/a> that Ethiopia has excess electricity generation with relatively low demand, offering attractive tariffs for miners.<\/p>\n<p>Throughout 2024, major industry players such as BitCluster and BitFuFu began operations in the country. The Russian industrial mining operator launched a data center with a capacity of 120 MW, while the Bitmain-backed company acquired an existing bitcoin mining facility with 80 MW.<\/p>\n<p>In December, BIT Mining announced the acquisition of mining farms in Ethiopia for $14.3 million, with a total capacity of 51 MW. The number of ASIC devices deployed there is nearly 18,000.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">We&#8217;re happy to announce our further expansion into global <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&#038;ref_src=twsrc%5Etfw\">#crypto<\/a> network infrastructure today with our new deal to acquire more data centers and nearly 18,000 more <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/mining?src=hash&#038;ref_src=twsrc%5Etfw\">#mining<\/a> machines. \u26cf\ufe0f<\/p>\n<p>You can read the full press release on our website here ? <a href=\"https:\/\/t.co\/2FZlsZLf0D\">https:\/\/t.co\/2FZlsZLf0D<\/a> <a href=\"https:\/\/t.co\/hCIrW0TfqO\">https:\/\/t.co\/hCIrW0TfqO<\/a><\/p>\n<p>\u2014 BIT Mining Limited (@BITMining_BTCM) <a href=\"https:\/\/twitter.com\/BITMining_BTCM\/status\/1864015092846911653?ref_src=twsrc%5Etfw\">December 3, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier this year, Charlie Schumacher, vice president of the largest public mining company Marathon Digital, considered <a href=\"https:\/\/forklog.com\/en\/news\/marathon-digital-eyes-african-expansion-for-bitcoin-mining\">expansion into Africa<\/a>. However, for a pilot project in the energy sector, the firm <a href=\"https:\/\/forklog.com\/en\/news\/marathon-to-invest-80-million-in-green-bitcoin-mining-in-kenya\">chose Kenya<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin miners based in Ethiopia now control 2.5% of the network&#8217;s computational power, according to local bitcoin miner Kal Kassa. Bitcoin miners in Ethiopia now command 2.5% of the global hash-rate. If trends continue, according to Ethiopian Electric Power (EEP), this will more than double within one year. pic.twitter.com\/oW0G95TUDa \u2014 Kal Kassa (@KalKassa) December 4, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[284,1137,1279],"class_list":["post-19241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-africa","tag-cryptocurrency-mining","tag-hashrate-2"],"aioseo_notices":[],"amp_enabled":true,"views":"34","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=19241"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19241\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/19240"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=19241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=19241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=19241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}