Ethiopia is emerging as a key player in Bitcoin mining in Africa, according to experts from Luxor Technology, a leading global mining services company.
With 600 megawatts (MW) already powering Bitcoin mining operations, the country’s low energy costs and expanding energy infrastructure are attracting significant attention from global investors.
Ethiopian Electric Power (EEP), the state-owned utility provider, has also announced plans to increase the nation’s electricity production by an additional 1.7 gigawatts (GW) in the coming years.
This development is expected to further solidify Ethiopia’s position as an attractive destination for Bitcoin mining.
Among the most notable investors are Chinese companies, which have already signed agreements with EEP and committed to funding large hydroelectric projects in the country.
These partnerships align with Ethiopia’s government strategy to not only boost energy capacity but also to promote foreign investment in the tech and energy sectors.
With hydroelectric power providing a sustainable and cost-effective energy source, Bitcoin miners are increasingly drawn to Ethiopia, where they can operate more economically compared to other parts of the world.
Additionally, the Ethiopian government is supporting this growth with plans to offer tax incentives and streamline policies that make it easier for foreign investors to enter the Bitcoin mining space. Officials have expressed a vision of turning the country into a technological and financial hub, with the expansion of renewable energy playing a central role in these ambitions.
However, while Ethiopia forges ahead, Nigeria, Africa’s largest economy, faces challenges in harnessing its potential as a cryptocurrency hub.
Despite Nigeria’s status as one of the leading countries in cryptocurrency adoption globally, its Bitcoin mining capacity remains underutilized.
High energy costs, inconsistent electricity supply, and government restrictions on crypto-related transactions have stifled the industry’s growth.
In contrast to Ethiopia’s rapidly growing hydroelectric projects, Nigeria grapples with reliance on fossil fuels and aging infrastructure. Power outages are common, making it difficult for miners to sustain operations.
The Central Bank of Nigeria’s regulatory policies, which restrict banking services for crypto-related transactions, further dampen prospects for large-scale mining investments in the country.
Meanwhile, Nigeria, though a leader in crypto usage, faces the need for infrastructural improvements and regulatory reforms to fully capitalize on its potential in the global Bitcoin mining space.
THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN
WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi
The economic crisis and hardship in Nigeria are parts of the discussion.
Watch, leave your comments, and share to create more awareness on this issue.
#9NewsNigeria #Nigeria #issuesInTheNews #politics #tinubu THE ROTTEN FISH: CAN OF WORMS OPENED ...
DON'T FORGET TO SUBSCRIBE AND LEAVE YOUR COMMENTS FOR SUBSEQUENT UPDATES
#9newsnigeria #economia #economy #nigeria #government @9newsng
www.9newsng.com