Ethiopia’s state-owned power producer and Ethiopians with a population of 126 million welcomed the bitcoin mining industry with 3.2 cents per KWh of electricity in 2024. Last year, EEP generated $55 million in revenue from bitcoin miners, and expects $123 million next year.
As we look forward to 2025, let us take time to recognize the actions and events of 2024 in Ethiopia. These highlights can serve as a model for other countries with rich energy potential, even very small or timid ones, to challenge historical assertions. money can also join this race for energy and added value to the bitcoin network.
First quarter
- December 13, 2023 The Financial Accounting Standards Board (FASB) has issued an update to its accounting standards It deals with accounting and disclosure of “crypto” assets. Google Developers Group Addis (GDG Addis) invited Kal Kassa from BitcoinBirr and Dr. Nemo Semret from QRB Labs to speak. DevFest’23.
- RT published the news of Russian investors Setting up bitcoin mining facilities in Ethiopia. Shega features QRB Laboratories along with a According to a Bloomberg article, Chinese investors also worked in bitcoin mining.
- February 12, 2024 BBC News Day Live Cal Kassa interviewed about Bitcoin mining in Ethiopia. Then on February 21, 2024, Addis Standard announced earnings figures Ethiopian Electricity (EEP) earns $2 million bitcoins from miners. Over the course of the year, we expect this sales figure to grow significantly.
- As the first signs of a comeback in the Bitcoin mining industry were reported, Bitcoin Magazine published a few days ago 5 Ways to Profit from Bitcoin Mining Ethiopiafollowed by The Economist Why Africa is the next frontier for crypto and finally the Addis Standard was published Shadows From Spotlight: Why Ethiopia Has Became the Latest Stage for the Cryptocurrency Rush. In the first quarter of this year CNBC’s Mackenzie Sigalos was also in Addis Ababa to learn about this new industry.
Second quarter
- Dr. A.S. QRB Lab’s Nemo Semret announced Bitcoin Mining in Ethiopia; the good, the bad and the ugly before the interview with Hashrate Up the Podcast and the Gugut Podcast to talk about his facility construction experience and the latest developments in the energy industry.
- May 3, 2024 Jennifer Zabasaja, host of Bloomberg’s Next Africa podcast, speaks with reporter Fasika Tadess Ethiopia: An African Paradise for Crypto-Miners?
- And on May 23, 2024, Addis Standard published earnings figures $10.1 million was earned by the Ethiopian Electricity Authority (EEP). bitcoins from miners.
Third quarter
- Blink announces Bitcoin Mining in Africa: All Roads Lead to Ethiopia.
- On August 25, 2024, Addis Standard announced earnings figures Ethiopian Electricity (EEP) earned $27 million bitcoins from miners.
- This was announced by the Prime Minister of Ethiopia, Abiy Ahmed Private Key Infrastructure (PKI) An initiative in partnership with the Information Security Agency (INSA) to support local offices with issues related to cryptographic messages and private keys.
- BitCluster shared photos 12,000 of its facilities in Ethiopia after deploying a bitcoin mining machine. In the third quarter of 2024, we saw the publication of the eCrypto GitHub page Amharic translation of bitcoin white paper.
Fourth quarter
- Interview with DINK TV and Genet Shiberu West Data Group in Bole Lemy To familiarize yourself with the operational 30 MW bitcoin mining facility.
- Luxor’s Ethan Vera and BitcoinBirr’s Kal Kassa talk to Will Foxley about The Mining Pod Ethiopia’s Bitcoin Mining Boom.
- In the fourth quarter of 2024, we found out BitFuFu (NASDAQ: FUFU) to Buy 80 MW Bitcoin Mining Facility in Ethiopia. A few weeks later, Morningstar’s Newswire announced BIT Mining Limited (NYSE: BTCM ) has completed the first phase of its acquisition in Ethiopia The deal includes $2.265 million in cash and $12.015 million in stock.
- The Green Africa Mining Alliance (GAMA) Africa Bitcoin Mining Summit (ABMS ’24) was held on October 3, 2024 at Kuriftu Resort, Entoto Park, Addis Ababa.
- On November 4, 2024, Fred Harter of The Africa Report published earnings figures Ethiopian Electricity (EEP) earned $55 million bitcoins from miners. Estimates for next year’s revenue from bitcoin producers are $123 million.
- November 5, 2024 Bitcoin Summit ’24 Hosted by BitcoinBirr at the Sheraton Hotel in Addis Ababa. West Data Group, the main sponsor of the event, announced the news 20 MW facility in Wolaita Sodo ground breaking.
- BBC Africa Business Correspondent Charles Gitonga interviews Cal Cassa on the Africa Focus podcast Why is Ethiopia a major hub for Bitcoin Mining? Addis Insight shared its article on the topic From Hydropower to Bitcoin: Ethiopia’s Rise as a Mining Powerhouse.
- On November 29, 2024, Ato Henok Assefa was announced How Bitcoin Mining Can Help Universal Electrification in Africa. In the same week Henok Assefa Joined the board of the State Commercial Bank of Ethiopia (CBE).. After that we found out Ethiopian Electricity (EEP) will be under the new ownership of Ethiopian Investment Holdings (EIH)..
- Ending the year on December 5, 2024, on the “Bitcoin” Telegram channel 2.5% of global Bitcoin hashrate now comes from Ethiopia and that number will double next year.
Ethiopia’s next goal is to add 1 GW of energy to the Bitcoin network if it is supported by various market participants and individuals.
The future of Bitcoin mining in Ethiopia depends on how the Ethiopian government treats the industry. As the grid is sensitive to energy, government agencies must focus on electricity generation, distribution, stability, stability of commercial contract terms, clear customs procedures and transparent tax laws. As I have worked with brilliant Bitcoiners around the world, I believe we will achieve these goals. Stay humble and have a great new year!
This is a guest post by Cal Kassa. Opinions expressed are entirely his own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
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