Ethiopia has officially announced its foray into Bitcoin mining, joining the growing list of countries that have integrated cryptocurrency mining into their national economic strategies. The development was achieved through a partnership between the Ethiopian government and Data Center Service PLC, a subsidiary of Hong Kong-based West Data Group. This collaboration is part of a significant $250 million data mining project announced in the country.
Ethiopia Joins BTC Mining Circle
Kal Kassa, Hashlabs Mining’s Ethiopian CEO, confirmed the plan: “It’s official! The Ethiopian government plans to mine Bitcoin through a partnership with Data Center Service PLC… “This partnership will target a $250 million data mining project in Ethiopia.” The statement highlights the government’s commitment to leveraging cryptocurrency mining as part of its broader digital and economic strategy.
It’s official!🥂
The Ethiopian government plans to mine Bitcoin through a partnership with Data Center Service PLC, a subsidiary of West Data Group… 🫱🏻🫲🏿
Partnership will target $250 million data mining project in Ethiopia 🇪🇹 pic.twitter.com/2YfQ3QbUEO
— Kal Kassa (@KalKassa) February 15, 2024
The news received an enthusiastic response from leading figures in the cryptocurrency community. Ben Van Hodl, COO of JAN3, which promotes national Bitcoin adoption, said: Advert, “Another country gets into Bitcoin.” Likewise, Jaran Mellerud of Hashlabs Mining famous It was developed as a “massive stamp of approval for Ethiopia’s #Bitcoin mining industry.”
Ethiopia Investment Holdings’ official announcement shared via LinkedIn details the scope of its partnership with West Data Center Service PLC. This highlighted the project’s goal to build a state-of-the-art infrastructure for data mining and artificial intelligence training operations in Ethiopia, indicating a broader vision for technology-driven economic growth.
Ethiopian Investment Holdings today signed a Memorandum of Understanding with West Data Center Service PLC (…). The partnership aims to lead a groundbreaking $250 million data mining project dedicated to creating a state-of-the-art infrastructure for data mining and artificial intelligence training operations in Ethiopia. .
A few days ago, Bloomberg reported that Chinese Bitcoin miners had found a new haven in Ethiopia. “Cheap electricity and friendly relations with China have made the Horn of Africa country a top choice for Chinese Bitcoin miners,” the report said. Already, 21 miners are active in Ethiopia, the majority of them Chinese. He added.
Countries that mine Bitcoin
El Salvador has taken the lead in national Bitcoin adoption by qualifying for legal tender and launching state-supported mining using geothermal energy in 2021. This was followed by the launch of local Bitcoin mining pools in October 2023 and partnerships to establish them. A $1 billion mining farm in June 2023 shows the deepening commitment to cryptocurrencies.
Following El Salvador, the Kingdom of Bhutan, Russia, the United Arab Emirates, and Oman have also officially entered BTC mining. Bhutan is using surplus hydroelectric energy for mining and making expansion plans starting in 2020. Russia entered the field through a partnership between Gazprom and BitRiver. The UAE expanded Marathon Digital’s operations into Abu Dhabi, while Oman approved a $1.1 billion investment in Exahertz to expand its mine.
This makes Ethiopia the sixth country to officially announce its participation in BTC mining. However, the transparency of these operations remains uncertain globally, with speculation rife within the cryptocurrency community that more countries may be conducting secret Bitcoin mining activities.
At press time, BTC was trading at $51,908.
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