Africa accounts for 3% of global Bitcoin mining hashrate, with Ethiopia contributing 2.5% through renewable energy

PANews reported on January 1 that according to "Forbes", as of December 2024, Africa currently accounts for 3% of the global Bitcoin mining hash rate, and the output of Ethiopia alone contributes 2.5%, which is the entire African continent in 2023. More than twice the production, and entirely through renewable energy. This year alone, Ethiopia has generated more than $55 million in revenue from electricity sales for Bitcoin mining, accounting for 18% of its total revenue, according to the Ethiopian Electricity Company (EEP).

Following Ethiopia's approval of Bitcoin mining earlier this year, local Bitcoin mining operations have grown significantly, with spending on mining infrastructure exceeding $1 billion (reportedly) in 2024, with other countries such as Kenya joining in African countries are keen to use Bitcoin mining to boost economic growth, electrify communities and manage green energy projects. Africa is a popular location for global Bitcoin miners as it has some of the cheapest green energy in the world, with prices in Ethiopia at 3.2 cents per kilowatt-hour.