BIT Mining extends the lifespan of Bitcoin mining machines by utilizing low electricity prices in Ethiopia

ChainCatcher news, according to CoinDesk, BIT Mining has acquired a 51-megawatt power facility and nearly 18,000 Bitcoin mining machines in Ethiopia through a $14 million deal. With electricity costs in Ethiopia being about 70% lower than in the United States, the company is able to transfer old mining machines that were retired in the U.S. for local use, extending the lifespan of the machines by about two years.

It is reported that Ethiopia's abundant hydroelectric resources (partly from China-funded projects, such as the Grand Ethiopian Renaissance Dam) and the government's support for Bitcoin mining provide BIT Mining with a unique opportunity.

Currently, Ethiopia contributes 1.5% of the Bitcoin network's hash rate, comparable to Norway. Despite facing social unrest, BIT Mining chose to purchase existing facilities rather than build new ones to mitigate potential risks.