Ethiopia Leads Hydroelectric Bitcoin Mining Boom
Several countries are harnessing their hydroelectric power for Bitcoin mining, with Ethiopia leading the way. Besides Ethiopia, Paraguay and Pakistan have joined this innovative approach, reaping economic and environmental benefits.
In Paraguay, companies like HIVE Digital are operating mining facilities powered by the Itaipu hydroelectric dam. This has led to economic growth, job creation, and improved infrastructure stability. Meanwhile, Pakistan has allocated 2,000 MW capacity for Bitcoin mining using hydroelectric power, supporting energy sector efficiency and local community benefits.
Ethiopia is generating 18% of Ethiopian Electric Power's (EEP) income through Bitcoin mining using excess hydroelectric energy from the Grand Ethiopian Renaissance Dam (GERD). This income surpasses exports to neighboring countries, making Ethiopia an important player in the cryptocurrency market. Over a billion dollars has been invested in Bitcoin mining in Ethiopia in a year. This approach reduces Ethiopia's carbon footprint and establishes a sustainable model for cryptocurrency mining. It also fosters infrastructure development, creates new job opportunities, and promotes economic growth. In the Democratic Republic of Congo, Bitcoin mining is funding biodiversity conservation in Virunga Park.
Countries are increasingly turning to hydroelectric power for Bitcoin mining, with Ethiopia, Paraguay, and Pakistan leading the way. This approach not only generates significant income but also reduces carbon footprint, promotes economic growth, and funds conservation efforts.
