BIT Mining acquires data centres, mining machines in Ethiopia
BIT Mining Limited (NYSE: BTCM) has announced a $14.28 million acquisition in Ethiopia, marking a significant move into one of the world’s emerging Bitcoin mining hubs. The move also aligns with BIT Mining’s focus on self-operated mining and data center operations, leveraging Ethiopia’s low-cost, renewable energy.
The deal includes 51-megawatt crypto mining data centers and 17,869 high-performance Bitcoin mining machines. The acquisition will be executed in two phases, starting with a 35-megawatt operational data center, with the first phase expected to close shortly.
Global development strategy
Xianfeng Yang, CEO of BIT Mining, emphasized that this acquisition is a pivotal milestone in their global development strategy, positioning the company to enhance profitability and drive sustainable growth.
“This transaction represents a significant milestone in advancing our global development strategy. With our expanded market presence and robust operational capabilities, we are well-equipped to further solidify our competitive edge and enhance our profitability and financial standing, paving the way for long-term, sustainable growth.”
Ethiopia commands 2.25% of the global Bitcoin mining market, with revenue from mining expected to rise from $55 million in 2024 to $123 million in 2025. The government’s evolving regulatory framework has attracted foreign investment, especially from Chinese, Russian, and U.S. companies. Investments like the $250 million digital infrastructure deal with Hong Kong’s West Data Group aim to bolster Ethiopia’s mining capabilities.
Bitcoin mining revenues contribute to expanding Ethiopia’s power grid, providing electricity access to underserved populations. Hydropower generates over 92% of the country’s electricity, with costs as low as 3.2 cents per kilowatt-hour.
