The state-owned power producer in Ethiopia, with a population of 126 million Ethiopians, has welcomed the bitcoin mining industry in 2024 with an attractive electricity rate of 3.2 US cents per kilowatt hour. Last year, EEP generated $55 million in revenue from Bitcoin miners and expects $123 million next year.
As we look to 2025, let’s take some time to acknowledge efforts and events in Ethiopia from 2024. These highlights can serve as a blueprint for how other rich countries with energy potential, even those very small or timid, can challenge historical assertions about energy . Money, they can also join this race to gain energy and added value to the Bitcoin network.
First quarter
- December 13, 2023, The Financial Accounting Standards Board (FASB) has issued an update to accounting standards Which deals with accounting and disclosure of “crypto” assets. Google Addis Developer Group (GDG Addis) invited Cal Casa from BitcoinBirr and Dr. Nemo Smrit from QRB Labs to speak at Development Festival 23.
- RT published news about Russian investors Establishing Bitcoin mining facilities in Ethiopia. Shiga features QRB Laboratories Together with A Bloomberg article about Chinese investors who are also into Bitcoin mining.
- February 12, 2024, BBC News Day Live He interviewed Cal Casa about Bitcoin mining in Ethiopia. Then on February 21, 2024, Addis Standard published the revenue figures US$2 million obtained by Ethiopian Electric Power Company (EEP) From Bitcoin miners. During the year, we will see this sales number grow significantly.
- As the first signs of a comeback in the Bitcoin mining industry appeared, within days of each other, Bitcoin Magazine published 5 Ways to Benefits of Bitcoin Mining in Ethiopia, then The Economist. Why is Africa the next frontier for cryptocurrencies? Finally, the Addis Ababa Standard was published From Shadows to Spotlight: Why Ethiopia Has Become the Latest Scene for a Cryptocurrency Rush. In the first quarter of this year CNBC’s Mackenzie Sigalos also visited Addis Ababa To learn about this new industry.
Second quarter
- Dr. A.S. Nemo Semret is published by QRB Labs Bitcoin mining in Ethiopia; The good, the bad and the ugly Before his interview with Hashrate Up Podcast and Jojot Podcast To talk about the experiences of building his facility and recent developments in the energy sector.
- On May 3, 2024, Jennifer Zabasaja, host of Bloomberg Channel’s Next Africa Podcast, spoke with reporter Fasica Tadesse in a segment titled Ethiopia: An African paradise for cryptocurrency miners?
- On May 23, 2024, Addis Standard published the revenue figures US$10.1 million secured by Ethiopian Electric Power Company (EEP) From Bitcoin miners.
Third quarter
- Blink publishes Bitcoin Mining in Africa: All roads lead to Ethiopia.
- On August 25, 2024, Addis Standard published revenue figures for US$27 million secured by Ethiopian Electric Power Company (EEP) From Bitcoin miners.
- Ethiopian Prime Minister Abiy Ahmed announced Private Key Infrastructure (PKI) An initiative in partnership with the Information Network Security Administration (INSA) to support local offices with encryption messages and private key-related issues.
- Photos shared by BitCluster from its facilities in Ethiopia after deploying 12,000 Bitcoin mining machines. In Q3 2024, we also saw the publication of the eCrypto GitHub page Amharic translation of the Bitcoin white paper.
The fourth quarter
- DINK TV interview with Ginette Shipiro Western Dataset in PolyLime To tour the 30MW Bitcoin mining facility.
- Luxor’s Ethan Vera and BitcoinBirr’s Cal Casa join The Mining Pod with Will Foxley to talk about… Bitcoin mining boom in Ethiopia.
- And in the fourth quarter of 2024 we learned that as well BitFuFu (NASDAQ: FUFU) Acquires 80MW Bitcoin Mining Facility in Ethiopia. A few weeks later, Morningstar’s Newswire published BIT Mining Limited (NYSE: BTCM) has completed the first phase of its acquisition in Ethiopia In a deal that includes $2.265 million in cash and $12.015 million in stock.
- The Green Africa Mining Alliance (GAMA) hosted the African Bitcoin Mining Summit (ABMS ’24) on October 3, 2024 at the Kurifto Resort in Entoto Park, Addis Ababa.
- On November 4, 2024, Fred Harter of The Africa Report published revenue figures US$55 million secured by Ethiopian Electric Power Company (EEP) From Bitcoin miners. Next year’s revenue forecast from Bitcoin miners is US$123 million.
- November 5, 2024, Bitcoin Summit ’24 It is hosted by BitcoinBirr at the Sheraton Hotel in Addis Ababa. The event’s main sponsor, West Data Group, announced news of 20 MW facility in Sodo State Break the ground.
- BBC Africa business correspondent Charles Gitonga interviewed Cal Casa for the Focus on Africa programme Why is Ethiopia a major Bitcoin mining hub? Addis Insight shared its article on this topic titled From hydropower to bitcoin: Ethiopia’s rise as a mining hub.
- November 29, 2024, published by Ato Henoch Assefa How Bitcoin mining can help achieve universal electrification in Africa. In the same week, Henoch Assefa He joined the Board of Directors of the state-owned Commercial Bank of Ethiopia (CBE).. A few days later we learned that Ethiopian Electric Power (EEP) will be under the new ownership of Ethiopian Investment Holding Company (EIH)..
- At the end of the year, on December 5, 2024, the Bitcoin Telegram channel posts the following: 2.5% of the global Bitcoin hash rate now comes from Ethiopia This number is expected to double next year.
The next goal for Ethiopia, if it is to be supported by the various market players and participating individuals, will be to contribute 1 GW of power to the Bitcoin network.
The future of Bitcoin mining in Ethiopia depends on how the Ethiopian government handles the industry. Since the industry is energy sensitive, government offices must focus on electricity production, distribution, stability, unchangeability of terms of commercial contracts, clear customs procedures, and transparent tax laws. Since I work with Bitcoin celebrities around the world, I am optimistic that we will achieve these goals. Stay humble, gather your chairs and have a lovely New Year!
This is a guest post by Cal Casa. The opinions expressed are entirely their own and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.