Ethiopia has ended its freeze on licensing Bitcoin mining companies, paving the way for the growth of cryptocurrency operations in the country. The move signals government support for digital asset development and investment in blockchain technology.
Breakdown
- Ethiopia has lifted its freeze on bitcoin mining, allowing operations near Addis Ababa.
- Mining operations use surplus electricity from Ethiopia's dams, especially the new Grand Ethiopian Renaissance Dam. 12s
- Fees from bitcoin miners, totaling about $220 million in the last year, are being used to fund grid expansion. 55s
- Bitcoin mining is considered a transitional measure until electricity access is expanded for the population. 1m 16s
- Low electricity costs make Ethiopia an attractive location for bitcoin mining compared to other regions. 1m 43s