In recent developments, the East African country, Ethiopia has risen to lead Bitcoin mining in the continent, while rising in global mining rankings. This was confirmed by the popular Bitcoin mining software and services tech company: Luxor Technology.
Notably, the Bitcoin mining services company was at a recent Green Africa Mining Alliance (GAMA) conference in Addis Ababa, Ethiopia. According to Luxor Technology, “Ethiopia leads Africa for deployed hashrate at 600MW with much more hashrate to come.”
Co-founder and Chief Operations Officer (COO) of Luxor Technology, Ethan Vera remarked on Ethiopia’s mining potential after the GAMA conference in Addis Ababa. “Wrapping up a 7-day trip in Ethiopia to almost a dozen Bitcoin mining farms. Ethiopia is the fastest growing market globally and it’s exciting to see it in this phase,” said the Luxor COO.
Luxor Technology and the EEP to Boost Crypto Mining in Ethiopia
During the GAMA conference, the Bitcoin mining company pledged to support crypto-mining activities in the country and Africa. “Luxor is looking forward to continuing to support miners in Africa with machine importation, & custom firmware,” said the tech company.
In addition, Ethiopian Electric Power (EEP) will boost Bitcoin mining in the country by providing the energy (megawatts) required. Ethan Vera states, “The Ethiopian Electric Power (EEP) confirmed their support for the industry and said there are 600MW of operational miners. There are a few hundred more MW ready to be energized this year.”
Implications for Ethiopia and Africa
Ethiopia has emerged as Africa’s top Bitcoin mining destination, with 600MW of deployed hashrate and the potential for further growth. With more support from Luxor and the EEP, Bitcoin mining will generate significant revenue, create jobs and promote technology advancement in Ethiopia.
Moreover, it also opens channels for economic diversification and energy utilisation in the country. However, there could be environmental challenges and other concerns, that renewable energy sources and collaboration can solve.
In conclusion, Ethiopia’s rise in crypto mining positions Africa as a significant player in the global crypto market.