Ethiopia’s state-owned energy producer, and a inhabitants of 126 million Ethiopians, welcomed the bitcoin mining business in 2024 with a horny electrical energy fee of USD 3.2 cents KWh. On this previous yr EEP has generated USD 55 million in revenues from bitcoin miners and expects USD 123 million within the yr to come back.
As we stay up for 2025, let’s take time to acknowledge the efforts and occasions in Ethiopia from the yr 2024. These highlights can function a blueprint for the way different energy-potential wealthy nations, even these too small or timid to problem historic assertions about cash, may also be a part of on this race for vitality and add-value to the bitcoin community.
First Quarter
- December 13, 2023, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update that addresses the accounting for and disclosure of “crypto” property. Google Developers Group Addis (GDG Addis) invited Kal Kassa of BitcoinBirr and Dr. Nemo Semret of QRB Labs to talk at DevFest’23.
- RT published news of Russian investors establishing bitcoin mining services in Ethiopia. Shega options QRB Labs together with a Bloomberg Article on Chinese investors also working in bitcoin mining.
- February 12, 2024, BBC News Day Live interviewed Kal Kassa about bitcoin mining in Ethiopia. Then on February 21, 2024, Addis Normal printed income figures of USD 2 million earned by Ethiopian Electric Power (EEP) from bitcoin miners. Inside the yr we’ll see this gross sales determine develop vital multiples.
- As the primary indicators of return within the bitcoin mining business had been reported, inside days of one another, Bitcoin Journal printed 5 Ways Bitcoin Mining Benefits Ethiopia, then The Economist printed Why Africa is Crypto’s Next Frontier and at last Addis Normal printed From Shadows to Spotlight: Why Ethiopia Became Latest scene for Cryptocurrency Rush. Within the first quarter of this yr CNBC’s MacKenzie Sigalos also visited Addis Ababa to find out about this new business.
Second Quarter
- Dr. Nemo Semret of QRB Labs printed Bitcoin Mining in Ethiopia; the good, the bad and the ugly forward of his interview with Hashrate Up Podcast and Gugut Podcast to speak about experiences constructing his facility and up to date developments within the vitality sector.
- Might 3, 2024, Bloomberg’s Subsequent Africa Podcast host Jennifer Zabasajja spoke with reporter Fasika Tadesse in a section titled Ethiopia: An African Paradise For Crypto Miners?
- And on Might 23, 2024, Addis Normal printed income figures of USD 10.1 million earned by Ethiopian Electric Power (EEP) from bitcoin miners.
Third Quarter
- Blink publishes Bitcoin Mining in Africa: All Roads Lead to Ethiopia.
- August 25, 2024, Addis Normal printed income figures of USD 27 million earned by Ethiopian Electric Power (EEP) from bitcoin miners.
- The Prime Minister of Ethiopia, Abiy Ahmed proclaims the Private Key Infrastructure (PKI) initiative in partnership with the Data Community Safety Administration (INSA) to assist native places of work with cryptographic messaging and private-key associated points.
- BitCluster shared photos of its services in Ethiopia after deploying 12,000 bitcoin mining machines. Within the third quarter of 2024 we additionally noticed the eCrypto GitHub web page publish an Amharic translation of the bitcoin whitepaper.
Fourth Quarter
- DINK TV and Genet Shiberu interview West Data Group in Bole Lemi for a tour of an operational 30 MW bitcoin mining facility.
- Ethan Vera of Luxor and Kal Kassa of BitcoinBirr joined The Mining Pod with Will Foxley to speak about Ethiopia’s Bitcoin Mining Boom.
- Within the fourth quarter of 2024 we additionally discovered that BitFuFu (NASDAQ: FUFU) was to acquire a 80-MW Bitcoin mining facility in Ethiopia. Just a few weeks later, Morningstar’s Newswire printed BIT Mining Limited (NYSE: BTCM) completed the first phase of acquisition in Ethiopia for a deal that features USD 2.265 million in money and USD 12.015 million in shares.
- October third, 2024, the Inexperienced Africa Mining Alliance (GAMA) hosted the Africa Bitcoin Mining Summit (ABMS ‘24) at Kuriftu Resort in Entoto Park, Addis Ababa.
- November 4, 2024, Fred Harter of The Africa Report printed income figures of USD 55 million earned by Ethiopian Electric Power (EEP) from bitcoin miners. Forecasts for subsequent yr’s income from bitcoin miners stands at USD 123 million.
- November 5, 2024, The Bitcoin Summit ‘24 was hosted by BitcoinBirr at Sheraton Lodge in Addis Ababa. The occasion’s main sponsor, West Information Group, introduced information of a 20 MW facility in Wolaita Sodo breaking floor.
- Enterprise correspondent Charles Gitonga of the BBC Africa interviews Kal Kassa on the Deal with Africa Podcast titled Why is Ethiopia a Major Hub for Bitcoin Mining? Addis Perception shared its article on the topic titled From Hydroelectric Power to Bitcoin: Ethiopia’s Rise as a Mining Hub.
- November 29, 2024, Ato Henok Assefa printed How Bitcoin Mining Can Help Achieve Universal Electrification in Africa. That very same week Henok Assefa joined the board of the state-owned Commercial Bank of Ethiopia (CBE). And days later we discovered that Ethiopian Electric Power (EEP) will be under the new ownership of the Ethiopian Investment Holdings (EIH).
- Closing out the yr, on December 5, 2024, the “Bitcoin” Telegram channel posts that 2.5% of the global Bitcoin hashrate now comes out of Ethiopia and that this quantity is poised to double within the subsequent yr.
Ethiopia’s subsequent goal, if it is to be supported by the assorted market actors and people concerned, shall be to contribute 1 GW of vitality into the Bitcoin community.
The way forward for Bitcoin mining in Ethiopia will depend on how the Ethiopian authorities will deal with the business. Because the business is delicate to vitality, authorities places of work ought to give attention to electrical energy manufacturing, distribution, stability, immutability of economic contract phrases, clear customs procedures, and clear tax legal guidelines. As I work with sensible bitcoiners all over the world, I’m optimistic we’ll attain these targets. Keep humble, stack sats and have an attractive new yr!
This can be a visitor put up by Kal Kassa. Opinions expressed are solely their very own and don’t essentially mirror these of BTC Inc or Bitcoin Journal.
