African nations leverage resources to create major breakthrough in futuristic industry: '[Revenues to] increase beyond the $100m mark'

Africa's foray into cryptocurrency has allowed it to leverage its significant green resources, powering all of its Bitcoin energy operations last year with renewable energy.

Forbes reported that the continent was responsible for 3% of the global Bitcoin mining hash rate as of December 2024, using electricity generated from sustainable options such as hydropower.

Ethiopia led Africa's burgeoning status as a key player in the industry. Last year, it accounted for over 80% of the continent's Bitcoin mining activity and reportedly spent a billion dollars on mining infrastructure.

Part of what has allowed the East African nation to invest heavily in cryptocurrency is its green energy production, which is among the world's cheapest at just 3.2 cents per kilowatt-hour.

Data from Ethiopia Electric Power found that the country earned $55 million in electricity sales from bitcoin mining, which accounted for 18% of its revenue. Those funds were used to construct transmission lines to deliver power from the Grand Ethiopian Renaissance Dam.

With GERD only operating at 30% of its maximum capacity and the growing interest in mining, Forbes expects the EEP's revenues to "increase beyond the $100m mark and continue to fast-track the construction of transmission lines to electrify rural communities and provide electricity to millions of Ethiopians."

With Kenya, Nigeria, and others ready to join Ethiopia and capitalize on the movement, local Bitcoin miners like Gridless and Trojan Mining have collaborated to form the Green Africa Mining Alliance.

According to Forbes, the organization "will continue to be necessary for providing best practices, case studies, and templates for the horde of new miners setting up in Africa."

This embrace of Bitcoin mining is an interesting development in what has generally been a divisive issue. Opponents have cited the industry's extensive energy, water, and land footprint needed for its facilities, as well as a tendency to use dirty energy sources that contribute to Earth's overheating.

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Others have expressed concern about its potential effect on the grid, leading one provincial court in Canada to uphold a ban on mining.

Meanwhile, proponents have touted its ability to actually stabilize the grid, while some companies have even tried to alleviate any concerns over environmental impact by transitioning to 100% renewable energy to mine for Bitcoin.

And for many African nations, the opportunity to "boost electricity infrastructure development, create jobs, sustainably electrify rural communities, and catalyze green energy production," may be too great to pass up.

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