Ethiopia Enters the Bitcoin Mining Industry
Ethiopia has recently announced its entry into the world of Bitcoin mining, joining a growing list of countries integrating cryptocurrency mining into their national economic strategies. The Ethiopian government has partnered with Data Center Service PLC, a subsidiary of Hong Kong-based West Data Group, for a $250 million data mining project within the country. This collaboration highlights the government’s commitment to using cryptocurrency mining as part of its broader digital and economic strategy.
Partnership Confirmed by Hashlabs Mining CEO
Kal Kassa, CEO for Ethiopia at Hashlabs Mining, confirmed the partnership and stated that the Ethiopian government will be mining Bitcoin through its collaboration with Data Center Service PLC. The initiative is part of a larger data mining project and signals Ethiopia’s dedication to leveraging cryptocurrency mining for economic growth.
It’s official!🥂
The Ethiopian Government will be mining bitcoin through its partnership with Data Center Service PLC, a subsidiary of the West Data Group…🫱🏽🫲🏿
The partnership will be for the purposes of a $250 million data mining project in Ethiopia 🇪🇹 pic.twitter.com/2YfQ3QbUEO
— Kal Kassa (@KalKassa) February 15, 2024
The news has been met with excitement from prominent figures in the cryptocurrency community. Ben Van Hodl, COO at JAN3, expressed his support for Ethiopia’s entry into Bitcoin mining, while Jaran Mellerud of Hashlabs Mining celebrated it as a significant endorsement for the industry in Ethiopia.
Partnership Details and Vision for Economic Growth
Ethiopian Investment Holdings provided further details on the partnership with West Data Center Service PLC through an official announcement shared on LinkedIn. The project aims to establish advanced infrastructure for data mining and artificial intelligence training operations in Ethiopia, reflecting a broader vision for technology-driven economic growth.
A recent Bloomberg report highlighted that Chinese Bitcoin miners have found Ethiopia to be an attractive location due to its cheap power and favorable relations with China. Currently, there are 21 miners operating in Ethiopia, primarily Chinese.
Nation-States Embracing Bitcoin Mining
Ethiopia is now the sixth nation to officially announce its engagement in BTC mining. El Salvador took the lead by granting Bitcoin legal tender status and initiating state-backed mining using geothermal energy. Bhutan, Russia, the United Arab Emirates, and Oman have also ventured into official BTC mining. However, the transparency of such operations globally remains uncertain, with speculation that additional countries may be conducting Bitcoin mining activities in secret.
As of now, BTC is trading at $51,908.
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