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Ethiopia's Bitcoin mining surge now accounts for 2.5% of global hash rate

Author: Content Editor
Ethiopia is becoming a notable player in Bitcoin mining, currently accounting for 2.5% of the global hash rate. Local operations are expected to double within a year, potentially reaching 7% of the global Bitcoin network's hashrate. This development follows China's ban on Bitcoin mining, prompting many Chinese miners to move. Companies like Bitmain-backed BitFuFu and BIT Mining have acquired mining operations in Ethiopia. The country's appeal lies in its abundant hydropower and surplus renewable energy. The government actively supports Bitcoin mining, generating revenue from agreements with mining companies. This shift in Bitcoin mining could have significant economic implications, with early-adopting countries potentially becoming new economic leaders.

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