Ethiopia and its local Bitcoin mining operations now account for 2.5% of global hashrate. Bitcoin miner Kassa stated, “Bitcoin miners in Ethiopia now command 2.5% of the global hash-rate. If trends continue, according to Ethiopian Electric Power (EEP), this will more than double within one year.”

Ethan Vera, co-founder and COO of Luxor Mining, had previously noted that the EEP reports local operations already consuming 600 MW of power. By year-end, that number could rise to 1 gigawatt, representing as much as 7% of the global Bitcoin network’s hashrate.

Ethiopia’s 2.5% contribution to the global Bitcoin hash rate would place it among the top five Bitcoin mining nations, joining established leaders like the United States, China, and the Czech Republic.

Companies like Bitmain-backed BitFuFu have acquired large mining operations in Ethiopia. In addition BIT Mining has also recently entered the Ethiopian market, acquiring a 51 MW Bitcoin mine and 17,869 mining rigs for $14.3 million.

Matthew Sigel, Head of Digital Assets Research at VanEck Investment firm speaking on CNBC SquakBox noted that three new BRIC members, Argentina, UAE, and Ethiopia had begun mining Bitcoin using government resources

In November 2024, Ethiopia Electric Power (EEP), a state-owned utility, signed power purchase agreements with 25 bitcoin mining companies. These bitcoin companies are using Ethiopia’s surplus renewable energy from The Grand Ethiopian Renaissance Dam (GERD), a 6,450 MW hydropower project nearing completion on the Blue Nile in Ethiopia, located about 30 km upstream of the border with Sudan.