Financial reports from Ethiopian Electric Power Company or credible financial news outlets

Ethiopia's Grand Renaissance Dam Powers Bitcoin Mining, Contributing 18% to Electric Revenue and Generating $1B from 25 Firms

Dec 27, 2024, 09:06 AM

Ethiopia is utilizing its Grand Renaissance Dam (GERD) to power Bitcoin mining operations, which now account for 18% of the Ethiopian Electric Power Company's revenue. The country has reportedly generated $1 billion from mining investments over the past year. In addition, the mining operations have earned approximately $55 million in just ten months, leveraging excess hydroelectric power that would otherwise go to waste. Ethiopia's strategy includes forming partnerships with 25 mining firms, positioning itself as a potential leader in the cryptocurrency sector. This move is part of a broader trend where countries are exploring renewable energy sources to support crypto-mining activities.