Bitcoin mining set to power Ethiopia’s energy expansion

Ethiopia just inaugurated Africa’s largest dam, doubling power output — but still lacks the funds to deliver universal electricity access.

Ethiopia just inaugurated Africa’s largest dam, doubling power output — but still lacks the funds to deliver universal electricity access.

Nigeria led the region with $92.1 billion in value received over the 12-month period, nearly three times that of South Africa.

This comes after the East African nation generated $55 million from Bitcoin mining over a 10-month period in 2024, primarily through agreements with 25 mining companies.

The East African country wants to position itself as a global bitcoin mining hub with hundreds more megawatts of power to be made available for bitcoin miners in the country.

The East African country hopes to earn much-needed foreign exchange by providing electricity to these mining companies.

In December 2023, Ethiopia informed its bondholders that it would not be able to make a $33 million repayment on its $1 billion Eurobond loan.

$50 million comes as a grant from the World Bank’s International Development Association.

The country’s finance ministry is looking to restructure its Eurobond following recent success with restructuring the terms of its bilateral debt.

Overall, Sub-Saharan Africa received $117.1 billion in crypto value between July 2022 and June 2023, according to data from blockchain analytics firm Chainalysis.