Africa accounts for 3% of the global Bitcoin mining hash rate, with Ethiopia contributing 2.5% through renewable energy
According to Forbes, as of December 2024, Africa currently accounts for 3% of the global Bitcoin mining hash rate, with Ethiopia alone contributing 2.5% of production, more than double the total production of the entire African continent in 2023, and entirely through renewable energy. According to data from the Ethiopian Electric Power Company (EEP), Ethiopia has earned over $55 million in revenue from electricity sales generated through Bitcoin mining this year alone, accounting for 18% of its total revenue. Following Ethiopia's approval of Bitcoin mining earlier this year, the local Bitcoin mining business has significantly increased, with over $1 billion reported to be spent on mining infrastructure in 2024. Other countries such as Kenya have also joined the ranks of African countries, keen to use Bitcoin mining to promote economic growth, provide electrification for communities, and manage green energy projects. Africa is a popular location for global Bitcoin miners because it has the cheapest green energy in the world, such as the price of 3.2 cents per kilowatt hour in Ethiopia.