Africa supports 3% of global Bitcoin mining power through renewable energy

Africa currently accounts for 3% of the global Bitcoin mining hashrate as of December 2024, with Ethiopia alone contributing 2.5% of the hashrate, more than double the continent’s entire output in 2023, mined entirely through renewable energy. This year alone, Ethiopia has earned over $55 million from the sale of electricity for Bitcoin mining, accounting for 18% of its total revenue, according to the Ethiopian Electric Power Company (EEP). Following Ethiopia’s approval of Bitcoin mining earlier this year, local mining operations have grown significantly, with spending on mining infrastructure reportedly exceeding $1 billion in 2024, with other countries such as Kenya joining the ranks of African countries keen to use Bitcoin mining to boost economic growth, provide electricity to communities, and manage green energy projects. Africa is a hotspot for Bitcoin miners around the world as it has some of the cheapest green energy in the world, with Ethiopia offering electricity at 3.2 cents per kilowatt-hour, for example. (Forbes)