17 hours ago
Ethiopia Earns $1 Billion from Bitcoin Mining with Hydropower in 2024 Ethiopia has emerged as a surprising player in the cryptocurrency space, earning $1 billion in Bitcoin mining revenue in 2024. This achievement was made possible by harnessing excess electricity generated by the Grand Renaissance Dam , a massive hydropower project. According to Bitcoin News , Bitcoin mining now accounts for 18% of Ethiopia’s electricity revenue , showcasing the potential for sustainable energy to power economic growth in Africa. How Ethiopia’s Bitcoin Mining Initiative Works 1. Utilizing Excess Hydropower The Grand Renaissance Dam, one of Africa’s largest hydropower projects, produces more electricity than Ethiopia currently consumes. Instead of letting this excess energy go to waste, the Ethiopian government has redirected it to power Bitcoin mining operations . 2. Global Investment Attraction The availability of low-cost, sustainable energy has attracted global investors to Ethiopia’s mining sector, boosting infrastructure development and foreign investment. 3. Government Support In February 2024 , the Ethiopian government signed agreements to supply electricity for Bitcoin mining, integrating cryptocurrency production into its broader economic strategy. Economic Impact of Bitcoin Mining in Ethiopia Ethiopia’s foray into Bitcoin mining has had significant implications for its economy: 1. Revenue Generation $1 Billion in Revenue : Mining operations have added a substantial revenue stream to Ethiopia’s economy, accounting for nearly one-fifth of its electricity revenue . Global Recognition : The initiative has placed Ethiopia on the map as an emerging player in the crypto and renewable energy sectors. 2. Energy Optimization Efficient Resource Use : By leveraging unused hydropower, Ethiopia has optimized its energy output while reducing waste. 3. Employment Opportunities The mining operations have created jobs in technology, logistics, and energy management, contributing to local economic development. Sustainable Energy Meets Cryptocurrency Ethiopia’s success highlights the synergy between sustainable energy and cryptocurrency mining: 1. Environmentally Friendly Mining Bitcoin mining often faces criticism for its high energy consumption. By using hydropower, Ethiopia offers a model for green mining practices . 2. Unlocking Africa’s Energy Potential Many African countries have untapped renewable energy resources. Ethiopia’s approach demonstrates how these resources can be monetized through innovative technologies like cryptocurrency mining. 3. Diversification of Revenue Streams By entering the cryptocurrency space, Ethiopia has diversified its economy, reducing reliance on traditional sectors like agriculture. Challenges and Risks Despite its success, Ethiopia’s Bitcoin mining initiative faces several challenges: 1. Regulatory Scrutiny As cryptocurrency adoption grows, regulatory frameworks may need to be strengthened to address concerns about transparency and governance. 2. Infrastructure Development Scaling mining operations requires significant investments in infrastructure, including cooling systems and network connectivity. 3. Market Volatility The profitability of Bitcoin mining is tied to cryptocurrency prices, exposing Ethiopia to market risks. Lessons for Other Nations Ethiopia’s Bitcoin mining strategy offers valuable insights for other countries, especially those with surplus renewable energy: Maximizing Resource Utilization : Countries with excess energy can emulate Ethiopia’s model to create new revenue streams. Fostering Innovation : Combining sustainable energy with blockchain technology can drive economic transformation. Engaging Global Investors : Ethiopia’s success demonstrates how strategic initiatives can attract foreign investment and expertise. Conclusion Ethiopia’s $1 billion Bitcoin mining milestone underscores the transformative potential of combining sustainable energy with innovative technology . By leveraging the Grand Renaissance Dam’s hydropower, Ethiopia has positioned itself as a leader in green cryptocurrency mining , offering a blueprint for other nations to follow. As the country continues to refine its approach and scale operations, Ethiopia’s journey highlights the vast opportunities at the intersection of renewable energy and the digital economy . To learn more about the innovative startups shaping the future of the crypto industry, explore our article on the latest news , where we delve into the most promising ventures and their potential to disrupt traditional industries.
Bitcoin World
You can visit the page to read the article.
Source: Bitcoin World
Tags :
Crypto News Ethiopia Ethiopia Bitcoin mining hydropower
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Ethereum On The Cusp Of Major Breakout In Q1 2025, Altcoins Expected To Follow Suit
As Ethereum (ETH) trades steadily above the $3,300 mark, market analysts are beginning to predict a potential recovery that could reshape the altcoin landscape. Currently trading at $3,321, ETH’s resilience has been notable, especially amidst a broader market correction led by Bitcoin (BTC). This recent downturn has tested ETH’s critical support level at $3,290, effectively preventing a decline toward the psychologically significant $3,000 barrier. Could Ethereum Reach $14,000 By March 2025? Crypto expert Crypto Rover has made headlines with his bold prediction that ETH is poised for an “explosion” in the first quarter (Q1) of 2025. His confidence is bolstered by historical trends observed in previous Bitcoin Halving years, particularly in 2017 and 2021, where ETH experienced substantial double-digit increases from January through March. In 2017, Ethereum recorded impressive monthly gains of 31.9% in January, 48% in February, and a staggering 214% in March. Similarly, in 2021, ETH saw significant gains of 78.5% in January, 8.4% in February, and 34.7% in March. Related Reading: Bitcoin Reserve Idea Sparks Cautious Response From Japan PM: Report According to the expert’s analysis, these historical trends indicate that if Ethereum sustains its current price level for the rest of the year, it could experience a comparable path in 2025. Based on these historical figures and averages from the price increases between 2017 and 2021, it is possible that ETH might reach about $5,000 in January, around $6,400 in February, and by March, it could soar to $14,336 per token. Such increases would not only signify a recovery but also potentially triple Ethereum’s all-time high of $4,878 reached in November 2021. Beyond Ethereum, other altcoins such as XRP, Solana (SOL), Binance Coin (BNB), and even meme coins like Dogecoin (DOGE) are also expected to benefit from this market correction and consolidation. Crypto Rover has also cautioned altcoin holders, stating, “Now is the worst time to sell. Our portfolios still have the potential to do a 10x from here. The next three months are going to be incredible.” Key Support Levels For ETH’s Price In addition to these bullish predictions, analyst Gabriel Maur has weighed in on Ethereum’s current price action, emphasizing key support levels between $2,800 and $2,900. The analyst notes that the structure of support has transitioned into resistance, which, once broken, becomes a crucial support level. The upward trend indicated by the 55-period Exponential Moving Average (EMA) further supports the bullish sentiment. Related Reading: Bitcoin $90K Level Is Crucial For Bulls – Price Could Tag $79K If BTC Loses It As long as ETH remains above this critical support region on weekly closes, the probability of continued upward momentum stays in favor of buyers. Maur identifies imminent targets of $4,093 and $4,868 (the previous all-time high), suggesting that if ETH closes above its all-time high, it may enter a price discovery phase with Fibonacci extensions indicating further upside potential. Featured image from DALL-E, chart from TradingView.com Bitcoin World
Bitget Expands User Opportunities with PoolX Lock-to-Get Airdrops
Victoria, Seychelles, December 28th, 2024, Chainwire Bitget , the leading cryptocurrency exchange and Web3 company has announced the introduction of PoolX , an advanced lock-to-get airdrop platform designed to provide users with hourly token rewards. PoolX allows participants to lock specific coins and earn popular token airdrops based on their contributions to designated pools. The latest PoolX activity enables users to lock Bitcoin (BTC) and Ethereum (ETH) to receive BGB token airdrops. This activity, running from December 27, 2024, 10:00 UTC, to December 31, 2024, 10:00 UTC, features a total reward pool of 15,000 BGB tokens. Token distribution is calculated hourly based on the proportion of an individual’s locked amount relative to the total locked amount in the pool. The BTC locking pool offers a total of 7,500 BGB for distribution, with a minimum locking amount of 0.0001 BTC and a maximum of 2 BTC. Similarly, the ETH locking pool provides 7,500 BGB in rewards, with a minimum locking amount of 0.002 ETH and a maximum of 15 ETH. Users’ individual rewards are determined by their locked amount in relation to the total locked amount in each pool. Participants must complete identity verification to be eligible. Sub-accounts, institutional users, and market makers are not permitted to join this promotion. Bitget reserves the right to disqualify users who engage in fraudulent activities or violate the promotion`s terms and conditions. The company may revise or cancel the promotion at its sole discretion and without prior notice. About Bitget Established in 2018, Bitget is the world`s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price , Ethereum price , and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more. Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World`s Top Football League, LALIGA , in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency. For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet For media inquiries, please contact: media@bitget.com Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to the Terms of Use . Contact Public Relations Media Bitget media@bitget.com Bitcoin World
See Also
USDT
REGULATION
-
XRP and Dogecoin: Insights into Market Behavior
1 saat önce
