Ethiopia is rapidly emerging as a significant player in the Bitcoin mining industry, utilising its abundant renewable energy sources to power operations that currently consume 600 MW of electricity, according to Ethan Vera, co-founder and COO of Luxor Mining. This development highlights the country's potential in the global cryptocurrency market.
Vera noted in an October 8 post on X that most local mining facilities are equipped with mid-generation machines, such as Bitmain’s S19J Pro and Canaan’s A1346. These models are cost-effective and consume less energy, making them particularly suitable for Ethiopia, where electricity costs are relatively low. He also pointed out that many mining farms have implemented evaporative cooling systems, although they are not necessary for most of the year due to the country’s cooler climate.
Source: X (Twitter)
Ethiopia is expected to increase its energy capacity significantly by the end of the year, further establishing its position in the Bitcoin mining landscape. Local miner Kal Kassa shared images of new mining facilities, reflecting the growing interest and investment in the sector. Similarly, Seb Gouspillou, CEO of BigBlock Datacenter, highlighted Africa's hydropower potential, stating, “For the hydroelectricity sector, it’s like a miracle,” emphasising the opportunities presented by ongoing dam constructions across the continent.
This trend aligns with an earlier report from asset management firm VanEck, which identified Ethiopia among seven countries benefiting from direct government support for Bitcoin mining. In 2023, Ethiopian Investment Holdings, the government’s investment arm, announced a preliminary agreement with Hong Kong-based West Data Group for a $250 million project aimed at enhancing the nation's digital infrastructure to support Bitcoin mining activities.
Despite its installed capacity of 5,200 MW, Ethiopia faces significant challenges in electricity access, with over 40% of its 130 million citizens lacking reliable power. The government aims to generate 25 GW of renewable energy by 2030, but achieving this goal remains crucial for the expansion of Bitcoin mining operations.
Ethiopia's strategic use of low-cost, renewable energy sources positions it to become a major player in the Bitcoin mining sector. However, addressing the accessibility of electricity will be vital to unlocking the country's full potential in this emerging market.
Masa Network empowers users by letting them control and monetise their own data on a blockchain platform, challenging big tech's control over AI training data. It aims to ensure privacy with encrypted data sharing and incentivises users and developers through its decentralised marketplace and dual-token rewards.
JoyHamster Kombat is causing a surge in massage gun sales in Russia, as players use them to enhance screen tapping. The game is also facing criticism for its social pressure tactics to grow its user base.
KikyoSouth Korea is delaying its cryptocurrency gains tax until 2028 amid market concerns and investor backlash, aiming to stabilize its vibrant but volatile crypto market. The decision reflects worries over potential market destabilization and aims to develop a more sustainable tax framework for the future.
Weatherly
AlexAlexRevolon, a Web3 dystopian racing game, features players as underdogs fighting for survival. The IDO week runs from 18 to 24 July, ending with the TGE on 25 July. Will Revolon lead the Web3 racing realm or fall behind?
CatherineUXLINK is a pioneering social platform leveraging Web3, rewarding users for genuine social interactions through its POL system and offering $UXUY tokens for engagement and governance. With over 15 million users globally and $15 million in funding, UXLINK aims to redefine social media by prioritising meaningful connections over traditional advertising.
AnaisMeet Telegram’s DOGS, designed to capture the platform's culture. Launched this month, DOGS has gained over 17M holders and is pre-trading on Bitget. With a backstory linked to Telegram CEO Pavel Durov, how did this callously drawn dog mascot become so popular?
KikyoNotcoin has risen as a leading force in Web3 gaming, surpassing giants like Bitcoin and Ether in global regions and pioneering Play-to-Earn (P2E) projects on the TON blockchain. Its strategic partnerships, massive community airdrops, and focus on sustainable growth underline its potential impact on the future of crypto gaming.
JoyScroll, a zkEVM-based zkRollup on Ethereum, recently completed its Curie upgrade, significantly reducing gas fees. As a highly anticipated ZK-rollup project, Scroll has hinted at an "incentive network" to encourage participation, suggesting a potential airdrop.
Catherine