According to recent reports from COINOTAG, Ethiopia is rapidly emerging as a key player in the global Bitcoin mining landscape. As of October 11, it has significantly ramped up its electricity allocation for cryptocurrency mining, boosting its capacity to 600 megawatts. This strategic move positions Ethiopia among the world’s fastest-growing Bitcoin mining hubs. Ethan Vera, co-founder and CEO of Luxor, disclosed that the Ethiopian government plans to enhance its mining capacity by hundreds of megawatts by the close of 2024. The industry predominantly utilizes mid-generation machines, including the S19J Pro and A1346, which are favored for their lower energy consumption profiles. This focus on efficiency not only supports sustainable mining practices but also allows miners to maximize profitability amid fluctuating Bitcoin prices. With these developments, Ethiopia is poised to play a significant role in the evolving cryptocurrency sector.
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