Ethiopia's Bitcoin mining accounts for 2.5% of the global hash rate and may soon rank among the top five.

Ethiopia's Bitcoin mining industry has rapidly emerged, currently accounting for 2.5% of the global hash rate. According to the Ethiopian Electric Power (EEP), if the current trend continues, this proportion could double to 7% within the next year. Currently, local mining operations have consumed 600 megawatts of electricity, which may increase to 1 gigawatt by the end of the year. Following China's ban on Bitcoin mining in 2021, many Chinese mining companies have relocated to Ethiopia, with firms such as BitFuFu, supported by Bitmain, and BIT Mining making large-scale investments locally. In just the past 10 months, the country has generated over 55 million dollars in revenue through partnerships with 25 Bitcoin mining companies. (CryptoSlate)