Bitcoin Mining Generates $55 Million in Extra Energy Revenue for Ethiopia: Report

Ethiopia's state-owned utility company has made $55 million mining Bitcoin, using excess hydropower and reinvesting the proceeds into accelerating rural electrification projects.

Ethiopian Electric Power has made $55 million in 10 months, or 18% of its annual revenue, by redirecting excess hydroelectric power to bitcoin mining operations, according to a report by the Ethiopian Tribune. The funds are being used for strategic infrastructure development, expanding transmission lines and distribution networks. This helps address the lack of electrification in rural Ethiopia, where electricity access remained at 43% in 2021. Around 60 million citizens did not have electricity despite existing national generation capacity. The initiative supports the National Electrification Program’s goal of achieving universal access to electricity by 2025. Foreign investment from Chinese (80%), Russian, and American mining companies is helping to transfer technology. The Tribune highlights that the bitcoin mining model allows for the monetization of untapped renewable resources without requiring complex technological infrastructure.

Source: cryptonews.net