Ethiopia has emerged as a significant contributor to global Bitcoin mining, now accounting for 2.5% of the network's overall hash rate, according to miners cited by CryptoSlate.

Ethiopia’s mining operations currently consume around 600 megawatts (MW) of energy, which could rise to 1 gigawatt by the end of the year. This expansion might elevate Ethiopia's share of the global Bitcoin hash rate to 7%.

Ethiopia’s strategic rise in Bitcoin mining has been propelled by the relocation of Chinese miners after Beijing banned cryptocurrency mining in 2021. Notable investments include Bitmain-backed BitFuFu and BIT Mining, which have heavily funded Ethiopia’s burgeoning industry. BIT Mining recently acquired a 51 MW Bitcoin mine and 17,869 mining rigs for $14.3mn, marking a significant milestone in the sector.

Kal Kassa, a prominent local Bitcoin miner, highlighted Ethiopia's rapid ascent in a social media post, stating: “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.”

Ethiopia’s abundant hydropower and surplus renewable energy have made it an attractive destination for energy-intensive mining operations. EEP reported generating over $55mn in revenue in the past 10 months from agreements with 25 Bitcoin mining companies, underscoring the sector's economic potential.

Boyd Cohen, a Bitcoin mining advocate, emphasized the transformative potential of early adoption in a social media post, noting: “We are witnessing before our eyes a massive redistribution of wealth. The early adopter BTC countries could emerge as the new economic leaders for the 22nd century.”