Bitcoin Mining Giant Marathon Digital Explores Expansion into Africa
Bitcoin mining company Marathon Digital is looking into expanding its operations into Africa, following its recent expansions in Paraguay and the UAE. Marathon Digital’s Vice President of Corporate Communications stated that they believe bitcoin mining can be a technology solution for the energy sector and Africa could be an ideal place to prove this concept.
Africa Attracts Crypto Miners
A recent report highlights an increase in the number of crypto miners flocking to Africa, particularly countries like Ethiopia. Low-cost energy and favorable climate conditions are drawing mining companies to the continent. African countries with underutilized power sources could benefit from attaching bitcoin miners, increasing the profitability of those sources while ensuring they remain online for those who need them. Additionally, the presence of mining companies that were forced to leave China due to the government ban on mining has also contributed to Africa’s growing mining industry.
Marathon Digital Adapts its Strategy
In its most recent quarterly earnings report, Marathon Digital revealed its new strategies leading up to the Bitcoin Halving in 2024. The company has significantly increased its Bitcoin production and hash rate, allowing it to produce a substantial amount of BTC. As part of its plans for 2024, Marathon Digital intends to expand internationally through joint ventures, with new plants set to be established in Abu Dhabi and Paraguay.
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