Hong Kong media: Chinese investors flock to Ethiopia for cryptocurrency mining, Bitmain is involved

mainland China's virtual currency funds are now looking as far as Ethiopia in Africa, mainly due to the abundance of hydroelectric resources in the area, where electricity costs only two to three cents per kilowatt-hour. In recent years, a large number of Chinese companies have opened mining sites in Ethiopia, mining for Bitcoin, Ethereum, Litecoin, and other cryptocurrencies. Bitmain, which is engaged in the research and development of mining machines, has also participated in Ethiopia's mining business. According to its official website, the Baharui Phase I mining site is located in Ethiopia, with a total capacity of 150 megawatts.

Currently, there are more than 20 mining sites in Ethiopia, most of which are invested and operated by Chinese companies. The majority of mining machines are also produced by Chinese companies, including Bitmain's Antminer and Avalon mining machines. Professional estimates suggest that Ethiopia has become a new mining hub in the world, with its mining capacity accounting for about 2.5% of the global Bitcoin network computing power, and it is expected to continue to rise in the future.