Chinese bitcoin mining company BIT Mining is expanding its operations into Ethiopia by signing a $14 million deal to acquire facilities and mining rigs in the country. Ethiopia's low electricity costs provide an opportunity for BIT Mining to extend the lifespan of its mining rigs, which tend to become obsolete in the US after a few years. The company plans to install newer rigs in the US and send aging ones to Ethiopia, attracting more capital and generating greater returns. Ethiopia's similar electric standard to China and abundant hydroelectric power make it an appealing location for bitcoin mining. Despite social unrest in the country, BIT Mining considers Ethiopia a stable place for its operations. The company is also exploring other investment opportunities in the country, such as energy infrastructure projects and data centers for artificial intelligence.



Other News from Today