Bloomberg: Chinese Miners Are Moving to Ethiopia
With the upcoming April halving, the Bitcoin hashrate is steadily increasing. At the same time, there is a reshuffling of mining capabilities among countries.
Currently, the USA and China are leading in terms of BTC mining, but China is gradually losing its appeal to miners. Recent reports from Bloomberg indicate that Chinese mining companies are relocating to Ethiopia, where electricity costs are significantly lower compared to North America and Europe.
The founder of the Association of Miners of the People’s Republic of China, No Xu, explains that the Ethiopian government is actively supporting the growth of the mining industry, while China has implemented a ban on crypto mining since 2021.
In contrast, Ethiopia has legalized mining operations since 2022. According to analysts at Bloomberg, as the demand for cryptocurrency mining continues to increase, Ethiopia has the potential to become a strong competitor to North America and Europe in the industry.
