Ethiopian Electric Power Corporation '18% of revenue comes from BTC Mining', cheap hydropower becomes a new paradise for mining companies

Ethiopia is using its cheap electricity, especially the hydroelectric power of the Renaissance Dam (GERD), to attract many companies to BTCMining. Nearly 18% of the country's electricity companies now generate revenue from BTCMining and attract more than $1 billion in investment, more than the profit from exporting electricity to the Merch country. BTCMining New Paradise? The government has provided cheap hydropower generation, and 21 Chinese mining companies have signed up to settle in) (Background supplement: Ethiopia has become a new sacred land for mining, and the tax mechanism of mining enterprises is fully analyzed) After China banned cryptocurrency mining in May 2021, the international mining landscape was shuffled, and many Chinese Miners moved their mines to Kazakhstan, Russia and other places with cheap electricity. However, due to Kazakhstan's heavy taxes of up to 10 times on encryptionMining in recent years, Russia's Putin warned that mining is too power-consuming, and recently even announced that 10 regions will ban mining from next year until 2031, and the tightening regulation drop is attractive to some Miners. Ethiopia, an East African country with some of the lowest electricity costs in the world, has become a new mecca for mining in recent years because of its low hydropower and the government's openness to BTCMining, BTCMining services Luxor Technologies estimates that Ethiopia has become one of the world's largest recipients of BTCMining rig this year. Ethiopian Power Company derives 18% of its revenue from BTCMining According to Crypto News, Ethiopia has used its vast hydroelectric power, especially the hydropower of the Fuxing Dam (GERD), to attract many companies to BTCMining. The Ethiopian government has struck deals with 25 BTC miners, most of them Chinese, to convert the country's idle energy into digital gold. Ethiopian Electric Power Company (EEP) now derives nearly 18% of its revenue from BTCMining, attracting more than $1 billion in investment, more than the profit from exporting electricity to the Merch country. Ethiopia becomes a new mecca for encryption mining Ethiopia is favored by encryption miners mainly because of its low electricity price, currently about 3.2 cents per kWh, one of the most competitive electricity prices in the world, which attracts a large number of miners looking for low electricity prices to increase profits. This, coupled with the fact that its electricity is mainly derived from renewable energy sources such as hydropower, helps to alleviate the frequent criticism of BTCMining's excessive use of non-renewable energy sources. In addition, the opening of the local government to cryptocurrency mining is also a big reason. Since 2022, the Ethiopian government has started allowing encryptionMining activities, although the country still bans cryptocurrency trading. This contradictory policy partly reflects Ethiopia's thirst for foreign investment. In addition, Ethiopia's capital Addis Ababa is 2,400 meters above sea level, the temperature is about 9-22 degrees Celsius, and the cool temperature is also suitable for Mining Rig operation, BTCMining experts say these characteristics make Ethiopia a potential competitor to Texas in the United States. However, some foreign media pointed to the risk of Ethiopia using hydropower for mining in large quantities, because the country still faces the reality that almost half of the population lacks electricity, which makes the use of electricity for mining a sensitive topic. However, for a country that desperately needs forex revenue, the significant forex gains from BTCMining provide an attractive incentive. Read more: BTCComputing Powerbig dump 25%! Mining Pool in Texas, USA shut down due to "cold snap power cut" related reports Paraguay intends to lift the "BTCMining ban"! Excess hydropower can be sold to Miner to replenish the national treasury Bloomberg: Iceland is a BTCMining mecca! There is abundant renewable energy, electricity prices are not inflated "The happiest country" Bhutan secretly excavates BTC! Worth $5,000 to enter Mining to date National mining BTC" Bhutanese sovereign fund cooperation Bit deer, 500 million magnesium bet on Cryptocurrency Mining "Ethiopian Power Company "18% of revenue comes from BTCMining", low-cost hydro mining enterprise New Paradise" This article was first published in BlockTempo "Dynamic Trend - The Most Influential Block Chain News Media".