Ethiopia

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Phoenix Group Activates 30MW Hydropower-Backed Crypto Mining Facility in Ethiopia

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Phoenix Group recently activated a 30 MW hydropower-backed crypto mining facility in Addis Ababa, Ethiopia, in partnership with Ethiopian Electric Power (EEP). Aggressive African Expansion The Abu Dhabi cryptocurrency mining company, Phoenix Group, recently announced the activation of a 30-megawatt (MW) hydropower-backed mining facility in Ethiopia. The project, a partnership with the state-owned Ethiopian Electric … Read more

Ethiopia Freezes New Power Permits for Crypto Miners Amid Grid Constraints

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Ethiopia is halting new electric power permits for data mining companies, effectively freezing the expansion of crypto-mining operations due to limited capacity. The decision follows a surge in interest, with 25 bitcoin mining firms already operating and nearly 20 more awaiting approval, drawn by Ethiopia’s cheap tariffs and abundant hydropower. EEP had marketed power sales … Read more

Bitcoin Mining Powers Ethiopia’s $55M Surplus Energy Revenue: Report 

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Ethiopia’s state utility generated $55 million from bitcoin mining using surplus hydropower, reinvesting profits to accelerate rural electrification projects. Ethiopian Electric Power earned $55 million over 10 months—18% of its annual revenue—by diverting otherwise wasted hydroelectricity to bitcoin mining operations, according to an Ethiopian Tribune report. The revenue funds strategic infrastructure development, expanding transmission lines, … Read more

Phoenix Group Boosts Ethiopia Bitcoin Mining Capacity to 132 MW

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Phoenix Group has expanded its Bitcoin mining operations in Ethiopia, securing an additional 52 megawatts, bringing its total capacity there to 132 megawatts and surpassing 500 megawatts globally across five countries. Development of New Site to Be Conducted in Stages The Abu Dhabi-based bitcoin miner, Phoenix Group, has secured an additional 52 megawatts (MW) of … Read more

Ethiopia Signals Potential Shift on Cryptocurrency Stance

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The governor of the National Bank of Ethiopia (NBE) has indicated that the bank may issue guidelines for the use of cryptocurrency in the country, suggesting a potential shift in the country’s stance on digital currencies. While cryptocurrency is currently illegal in Ethiopia, the NBE is closely monitoring global developments in central banking and may … Read more

UAE and Chinese Investment Firms Partner on Ethiopian Energy Infrastructure Project

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Hodler Investments and GCL Energy Investment have partnered to develop a distributed energy infrastructure project in Ethiopia to power next-generation data centers. Boosting Ethiopia’s Data Center Market The United Arab Emirates (UAE) investment firm Hodler Investments has partnered with GCL Energy Investment to develop a distributed energy infrastructure project in Ethiopia. The project is expected … Read more

Bitfufu Expands to Africa: Acquires 80MW Bitcoin Mining Facility in Ethiopia

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Nasdaq-listed cloud mining services company Bitfufu has announced an agreement to acquire a majority stake in an 80-megawatt (MW) Bitcoin mining facility in Ethiopia. This strategic move marks a significant shift for the company as it transitions from an asset-light strategy to managing a diverse portfolio of Bitcoin mining infrastructure. With this acquisition, Bitfufu’s hosting … Read more

Brazil Pushes BRICS to Shift From US Dollar, Advocating National Currencies in Global Trade

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Brazil pushes for a shift away from the U.S. dollar within the BRICS alliance, advocating for more use of national currencies in trade among member countries. As the group expands, discussions on alternative payment platforms are gaining momentum ahead of the BRICS summit in Kazan. Brazil aims to advance this initiative during its 2025 chairmanship, … Read more