Africa accounts for 3% of global Bitcoin mining, Ethiopia 2.5% thanks to renewable energy

On January 1, according to a Forbes report, as of December 2024, Africa currently accounts for 3% of the global Bitcoin mining Hashrate, with Ethiopia alone contributing 2.5% of the output, more than doubling Africa's output in 2023, and entirely through renewable energy. According to the Ethiopian Electric Power (EEP) company, Ethiopia has earned over $55 million from selling electricity for Bitcoin mining activities this year alone, accounting for 18% of the company's total revenue. After Ethiopia approved Bitcoin mining at the beginning of this year, local Bitcoin mining activities have grown significantly, with mining infrastructure spending reported to have exceeded $1 Billion in 2024. Other countries like Kenya have also joined the group of African countries wanting to use Bitcoin mining to drive economic development, community electrification, and green energy project management. Africa is a preferred location for global Bitcoin miners due to having some of the world's cheapest green energy sources. For example, electricity prices in Ethiopia are only 3.2 cents per kilowatt-hour.