Bitcoin miners now contribute nearly one-fifth of Ethiopian Electric Power’s (EEP) electricity sales revenue, according to a report by The Africa Report, citing EEP’s marketing director, Hiwot Eshetu.

“Currently, 18% of EEP’s monthly electricity sales come from Bitcoin mining. This surpasses all electricity exports to neighboring countries,” Eshetu stated.

As of November 2024, EEP has signed contracts with 25 mining companies, drawn by reduced electricity costs stemming from the partial commissioning of a new hydroelectric plant on the Blue Nile River.

Among these, Chinese miners play a significant role, with 19 out of the contracted companies originating from China, the country that financed the dam’s construction.

In December, Bitcoin miner Kal Kassa reported that mining operations in Ethiopia account for 2.5% of Bitcoin’s global hash rate, with total consumption reaching approximately 600 MW. Between January and November 2024, EEP generated about $55 million in electricity sales revenue.

Eshetu emphasized that Ethiopia’s developing infrastructure isn’t yet capable of utilizing such vast amounts of energy. Without miners, much of this electricity would go to waste.