Tech
Chinese bitcoin miners are flocking to Ethiopia, attracted by its cheap energy and ideal climate
Ethiopia, which has allowed bitcoin mining starting in 2022 although it still bans cryptocurrency trading, has strengthened ties with China over the past decade, and several Chinese companies helped build the 4.8-meter dam. billions of dollars from which the miners intend to extract energy.
The Great Ethiopian Renaissance Dam is the largest hydroelectric power plant in Africa. Photo: AFP
Ethiopia has emerged as a rare opportunity for all companies mining the original cryptocurrency, as climate change and energy shortages fuel a backlash against the $16 billion-a-year industry (at bitcoin’s current price) somewhere else.
But it has a special appeal for Chinese companies, which it once dominated bitcoin mining but they have struggled to compete with local rivals in Texas, the current hub.
It’s also a risky bet, both for companies and for Ethiopia.
A number of developing countries such as Kazakhstan and Iran initially embraced bitcoin mining, only to ignite the sector when its energy use threatened to fuel domestic discontent.
China’s reign as the epicenter of bitcoin mining came to an end an abrupt end in 2021, when the government banned it. Dozens of companies were forced to leave.
“First, countries can run out of available electricity, leaving no room for miners to expand,” said Jaran Mellerud, CEO of Hashlabs Mining. “Second, miners may suddenly be deemed unwelcome by the government and be forced to pack their bags and leave.”
Ethiopian officials are wary of the controversy surrounding bitcoin mining, according to industry executives who spoke on condition of anonymity to avoid jeopardizing government relations.
Even after new generating capacity comes online, nearly half the population lives without access to electricity, making mining a sensitive issue. At the same time, it represents a potentially profitable source of foreign exchange earnings.
A damaged tank sits abandoned on a road near Humera, Ethiopia. The country emerged from a civil war in the north just two years ago. Photo: AFP
According to an estimate by mining services provider Luxor Technology, Ethiopia has already become one of the world’s largest recipients of bitcoin mining machines. That’s just as Luxor’s first major deals to ship equipment arrived in September, Chief Operating Officer Ethan Vera said.
The state power monopoly says it has struck electricity supply deals with 21 bitcoin miners. All but two are Chinese.
“Ethiopia will become one of the most popular destinations for Chinese miners,” said Nuo Xu, founder of the China Digital Mining Association, which organizes exhibitions and facilitates trading in mining machines. He is organizing a trip to Ethiopia for a group of Chinese mining executives to visit potential sites.
The fact that bitcoin miners are willing to ship tens of millions of dollars worth of equipment to a country that only two years ago emerged from a civil war in its north is a testament to the difficult political and economic context in which they exist .
Companies play a crucial role in maintaining the bitcoin network by using powerful computers, or “rigs” in industry parlance, to solve mathematical puzzles and validate encrypted transactions on the blockchain. In exchange, they receive rewards in bitcoins released by the network.
It’s a volatile business, with revenues following the rise and fall of the token. Miner Core Scientific plunged into bankruptcy in December 2022 as cryptocurrency markets collapsed; 13 months later he won court approval to emerge from Chapter 11 after the price of bitcoin increased nearly 150%.
Plants use large amounts of energy, so access to low-cost electricity is a key competitive advantage. According to estimates from the Cambridge Center for Alternative Finance, Bitcoin mining consumed 121 terawatt hours of energy in 2023, a similar consumption to that of Argentina. According to Mellerud, electricity can account for up to 80% of miners’ operating costs.
That explains why cheap energy has largely determined where miners have placed much of their equipment in recent years: first in China, then in places like Iran, Kazakhstan, Russia and northern Sweden, and most recently in Texas . What these places have in common is relatively cheap energy.
Dependence on abundant energy also represents a serious vulnerability because it can put miners in competition for electricity with factories and households, exposing them to political backlash.
When Kazakhstan imposed new restrictions and taxes on miners, “it basically killed the industry,” said Hashlabs co-founder Alen Makhmetov. Two years after the crackdown, its 10-megawatt plant is still idle.
And in an age where rising temperatures wreak havoc around the world, bitcoin mining is increasingly seen as a contributor to global warming that serves no productive purpose, even as miners have said they are exploiting more and more clean energy.
A United Nations University study published in October estimated that two-thirds of the electricity used to mine bitcoin in 2020 and 2021 was generated using fossil fuels.
A cafe in Addis Ababa, Ethiopia. Only about half of the country’s population has access to electricity. Photo: AP photo
The Ethiopian government has allowed bitcoin mining mainly because companies pay in foreign currency for the electricity they consume, Yodahe A. Zemichael, deputy director of the Information Network Security Administration, said in response to questions from Bloomberg News.
In his written response he used terms like “high-performance computing” and “data mining” rather than bitcoin mining.
“Ethiopia is heavily regulated,” said Nemo Semret, CEO of local miner QRB Labs, which has helped officials lobby to allow bitcoin mining. “Introducing a new sector like this has been a great challenge and over the last two years we have worked to obtain all the necessary authorizations from the government.”
According to Yodahe, the government has adopted a directive to regulate “cryptographic products,” including mining. He added that licensing “is being carried out in a sandbox and is at an early stage”, declining to say how many permits have been granted so far.
Semret said uncertainty persists among miners about how authorities will supervise them in the long term, and Yodahe declined to say whether the directive has been shared with industry participants.
Yet for bitcoin miners – especially Chinese ones – Ethiopia represents a unique blend of economic and political advantages. Some executives even talk about it as a possible rival to Texas, which accounts for as much as a quarter of the global capacity to create bitcoin.
Chinese President Xi Jinping met with Ethiopian Prime Minister Abiy Ahmed on the sidelines of the BRICS summit in Johannesburg, South Africa, last August. Photo: Xinhua
Ideal climatic conditions
The African country’s ability to supply electricity for bitcoin creation could rival that of Texas in a few years, according to an executive at Bitmain, the Beijing-based company that is the main equipment supplier. The launch of the GERD project increased Ethiopia’s installed generating capacity to 5.3 gigawatts, 92% of which comes from hydropower, a renewable energy source.
Once the GERD is fully completed, Ethiopia’s generating capacity will double, according to Ethiopian Electric Power (EEP). It charges bitcoin miners a flat rate of 3.14 US cents per kilowatt-hour for electricity drawn from substations, marketing and business development director Hiwot Eshetu said in an interview.
While this is similar to the Texas average, rates in the Lone Star State can fluctuate wildly, Luxor’s Vera said, making profits less predictable. In Ethiopia, according to Hiwot, the price will drop once miners connect directly to power plants. She added that the EEP has suspended the signing of new contracts “to ensure a well-controlled and managed process”.
BWP, which hosts machines used by miners from China and other countries, began shipping equipment to Ethiopia early last year. In December, the company announced on X that it would open a 120-megawatt data center for mining equipment – sizable even by Texas standards – in Addis Ababa, the capital.
CEO Vitaliy Borshenko said Ethiopia’s advantages go beyond cheap renewable energy.
“The ideal temperature for miners is between 5 and 25 degrees” Celsius (41 and 77 Fahrenheit), he said, citing recommendations from rig manufacturer Bitmain. “This is right in the average temperature range in Ethiopia.” Addis Ababa sits at nearly 2,400 meters above sea level, much higher than most Alpine ski resorts.
Ethiopian children plant trees in the capital Addis Ababa. Photo: AFP
The attractiveness is such that some Chinese companies do not wait for the official green light before starting operations, said Xu of the China Digital Mining Association.
“Miners pose as factories or farms” to obtain electricity rather than seeking government approval to create bitcoin, he said without naming them. Yodahe did not respond to a request for comment on those practices.
Their confidence is supported by geopolitics. China is Ethiopia’s largest source of foreign direct investment as well as its largest bilateral creditor. The Chinese government and financial institutions lent nearly $15 billion for 70 “mega projects” in the African nation from 2006 to 2018, Ethiopia’s finance ministry said in December.
Ethiopia was one of 17 nations with which China strengthened ties last year President Xi Jinping has courted partners from the Global South. In October, Xi hosted Ethiopian Prime Minister Abiy Ahmed in Beijing as the two countries elevated their relations to an “all-weather strategic partnership,” according to the official Xinhua news agency.
The Horn of Africa country is in desperate need of foreign exchange inflows. It is in talks for a bailout from the International Monetary Fund after defaulting on interest payments to private creditors in December. The month before, it had reached an agreement with bilateral creditors to suspend payments.
Encouraged by China’s growing stature in Africa, Chinese bitcoin miners are also starting to look at countries like Angola and Nigeria, Xu said.
“Chinese miners have no problem building sites in Africa,” he said. “It’s like another Chinese province.”
Tech
Harvard Alumni, Tech Moguls, and Best-Selling Authors Drive Nearly $600 Million in Pre-Order Sales
BlockDAG Network’s history is one of innovation, perseverance, and a vision to push the boundaries of blockchain technology. With Harvard alumni, tech moguls, and best-selling authors at the helm, BlockDAG is rewriting the rules of the cryptocurrency game.
CEO Antony Turner, inspired by the successes and shortcomings of Bitcoin and Ethereum, says, “BlockDAG leverages existing technology to push the boundaries of speed, security, and decentralization.” This powerhouse team has led a staggering 1,600% price increase in 20 pre-sale rounds, raising over $63.9 million. The secret? Unparalleled expertise and a bold vision for the future of blockchain.
Let’s dive into BlockDAG’s success story and find out what the future holds for this cryptocurrency.
The Origin: Why BlockDAG Was Created
In a recent interview, BlockDAG CEO Antony Turner perfectly summed up why the market needs BlockDAG’s ongoing revolution. He said:
“The creation of BlockDAG was inspired by Bitcoin and Ethereum, their successes and their shortcomings.
If you look at almost any new technology, it is very rare that the first movers remain at the forefront forever. Later incumbents have a huge advantage in entering a market where the need has been established and the technology is no longer cutting edge.
BlockDAG has done just that: our innovation is incorporating existing technology to provide a better solution, allowing us to push the boundaries of speed, security, and decentralization.”
The Present: How Far Has BlockDAG Come?
BlockDAG’s presale is setting new benchmarks in the cryptocurrency investment landscape. With a stunning 1600% price increase over 20 presale lots, it has already raised over $63.9 million in capital, having sold over 12.43 billion BDAG coins.
This impressive performance underscores the overwhelming confidence of investors in BlockDAG’s vision and leadership. The presale attracted over 20,000 individual investors, with the BlockDAG community growing exponentially by the hour.
These monumental milestones have been achieved thanks to the unparalleled skills, experience and expertise of BlockDAG’s management team:
Antony Turner – Chief Executive Officer
Antony Turner, CEO of BlockDAG, has over 20 years of experience in the Fintech, EdTech, Travel and Crypto industries. He has held senior roles at SPIRIT Blockchain Capital and co-founded Axona-Analytics and SwissOne. Antony excels in financial modeling, business management and scaling growth companies, with expertise in trading, software, IoT, blockchain and cryptocurrency.
Director of Communications
Youssef Khaoulaj, CSO of BlockDAG, is a Smart Contract Auditor, Metaverse Expert, and Red Team Hacker. He ensures system security and disaster preparedness, and advises senior management on security issues.
advisory Committee
Steven Clarke-Martin, a technologist and consultant, excels in enterprise technology, startups, and blockchain, with a focus on DAOs and smart contracts. Maurice Herlihy, a Harvard and MIT graduate, is an award-winning computer scientist at Brown University, with experience in distributed computing and consulting roles, most notably at Algorand.
The Future: Becoming the Cryptocurrency with the Highest Market Cap in the World
Given its impressive track record and a team of geniuses working tirelessly behind the scenes, BlockDAG is quickly approaching the $600 million pre-sale milestone. This crypto powerhouse will soon enter the top 30 cryptocurrencies by market cap.
Currently trading at $0.017 per coin, BlockDAG is expected to hit $1 million in the coming months, with the potential to hit $30 per coin by 2030. Early investors have already enjoyed a 1600% ROI by batch 21, fueling a huge amount of excitement around BlockDAG’s presale. The platform is seeing significant whale buying, and demand is so high that batch 21 is almost sold out. The upcoming batch is expected to drive prices even higher.
Invest in BlockDAG Pre-Sale Now:
Pre-sale: https://purchase.blockdag.network
Website: https://blockdag.network
Telegram: https://t.me/blockDAGnetwork
Discord: Italian: https://discord.gg/Q7BxghMVyu
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- Space and Time uses zero-knowledge proofs to ensure secure and tamper-proof data processing for smart contracts and enterprises.
- The integration facilitates faster development and deployment of Distributed Secure Services (DSS) on the Karak platform.
Karak, a platform known for its strong security capabilities, is enhancing its Distributed Secure Services (DSS) by integrating Space and Time as a zero-knowledge (ZK) coprocessor. This move is intended to strengthen trustless operations across its network, especially in slashing and rewards mechanisms.
Space and Time is a verifiable processing layer that uses zero-knowledge proofs to ensure that computations on decentralized data warehouses are secure and untampered with. This system enables smart contracts, large language models (LLMs), and enterprises to process data without integrity concerns.
The integration with Karak will enable the platform to use Proof of SQL, a new ZK-proof approach developed by Space and Time, to confirm that SQL query results are accurate and have not been tampered with.
One of the key features of this integration is the enhancement of DSS on Karak. DSS are decentralized services that use re-staked assets to secure the various operations they provide, from simple utilities to complex marketplaces. The addition of Space and Time technology enables faster development and deployment of these services, especially by simplifying slashing logic, which is critical to maintaining security and trust in decentralized networks.
Additionally, Space and Time is developing its own DSS for blockchain data indexing. This service will allow community members to easily participate in the network by running indexing nodes. This is especially beneficial for applications that require high security and decentralization, such as decentralized data indexing.
The integration architecture follows a detailed and secure flow. When a Karak slashing contract needs to verify a SQL query, it calls the Space and Time relayer contract with the required SQL statement. This contract then emits an event with the query details, which is detected by operators in the Space and Time network.
These operators, responsible for indexing and monitoring DSS activities, validate the event and route the work to a verification operator who runs the query and generates the necessary ZK proof.
The result, along with a cryptographic commitment on the queried data, is sent to the relayer contract, which verifies and returns the data to the Karak cutter contract. This end-to-end process ensures that the data used in decision-making, such as determining penalties within the DSS, is accurate and reliable.
Karak’s mission is to provide universal security, but it also extends the capabilities of Space and Time to support multiple DSSs with their data indexing needs. As these technologies evolve, they are set to redefine the secure, decentralized computing landscape, making it more accessible and efficient for developers and enterprises alike. This integration represents a significant step towards a more secure and verifiable digital infrastructure in the blockchain space.
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Iconic Italian luxury carmaker Ferrari has announced the expansion of its cryptocurrency payment system to its European dealer network.
The move, which follows a successful launch in North America less than a year ago, raises a crucial question for CFOs across industries: Is it time to consider accepting cryptocurrency as a form of payment for your business?
Ferrari’s move isn’t an isolated one. It’s part of a broader trend of companies embracing digital assets. As of 2024, we’re seeing a growing number of companies, from tech giants to traditional retailers, accepting cryptocurrencies.
This change is determined by several factors:
- Growing mainstream adoption of cryptocurrencies
- Growing demand from tech-savvy and affluent consumers
- Potential for faster and cheaper international transactions
- Desire to project an innovative brand image
Ferrari’s approach is particularly noteworthy. They have partnered with BitPay, a leading cryptocurrency payment processor, to allow customers to purchase vehicles using Bitcoin, Ethereum, and USDC. This satisfies their tech-savvy and affluent customer base, many of whom have large digital asset holdings.
Navigating Opportunities and Challenges
Ferrari’s adoption of cryptocurrency payments illustrates several key opportunities for companies considering this move. First, it opens the door to new customer segments. By accepting cryptocurrency, Ferrari is targeting a younger, tech-savvy demographic—people who have embraced digital assets and see them as a legitimate form of value exchange. This strategy allows the company to connect with a new generation of affluent customers who may prefer to conduct high-value transactions in cryptocurrency.
Second, cryptocurrency adoption increases global reach. International payments, which can be complex and time-consuming with traditional methods, become significantly easier with cryptocurrency transactions. This can be especially beneficial for businesses that operate in multiple countries or deal with international customers, as it potentially reduces friction in cross-border transactions.
Third, accepting cryptocurrency positions a company as innovative and forward-thinking. In today’s fast-paced business environment, being seen as an early adopter of emerging technologies can significantly boost a brand’s image. Ferrari’s move sends a clear message that they are at the forefront of financial innovation, which can appeal to customers who value cutting-edge approaches.
Finally, there is the potential for cost savings. Traditional payment methods, especially for international transactions, often incur substantial fees. Cryptocurrency transactions, on the other hand, can offer lower transaction costs. For high-value purchases, such as luxury cars, these savings could be significant for both the business and the customer.
While the opportunities are enticing, accepting cryptocurrency payments also presents significant challenges that businesses must address. The most notable of these is volatility. Cryptocurrency values can fluctuate dramatically, sometimes within hours, posing potential risk to businesses that accept them as payment. Ferrari addressed this challenge by implementing a system that instantly converts cryptocurrency received into traditional fiat currencies, effectively mitigating the risk of value fluctuations.
Regulatory uncertainty is another major concern. The legal landscape surrounding cryptocurrencies is still evolving in many jurisdictions around the world. This lack of clear and consistent regulations can create compliance challenges for companies, especially those operating internationally. Companies must remain vigilant and adaptable as new laws and regulations emerge, which can be a resource-intensive process.
Implementation costs are also a significant obstacle. Integrating cryptocurrency payment systems often requires substantial investment in new technology infrastructure and extensive staff training. This can be especially challenging for small businesses or those with limited IT resources. The costs are not just financial; a significant investment of time is also required to ensure smooth implementation and operation.
Finally, security concerns loom large in the world of cryptocurrency transactions. While blockchain technology offers some security benefits, cryptocurrency transactions still require robust cybersecurity measures to protect against fraud, hacks, and other malicious activity. Businesses must invest in robust security protocols and stay up-to-date on the latest threats and protections, adding another layer of complexity and potential costs to accepting cryptocurrency payments.
Strategic Considerations for CFOs
If you’re thinking of following in Ferrari’s footsteps, here are the key factors to consider:
- Risk Assessment: Carefully evaluate potential risks to your business, including financial, regulatory, and reputational risks.
- Market Analysis: Evaluate whether your customer base is significantly interested in using cryptocurrencies for payments.
- Technology Infrastructure: Determine the costs and complexities of implementing a cryptographic payment system that integrates with existing financial processes.
- Regulatory Compliance: Ensure that cryptocurrency acceptance is in line with local regulations in all markets you operate in. Ferrari’s gradual rollout demonstrates the importance of this consideration.
- Financial Impact: Analyze how accepting cryptocurrency could impact your cash flow, accounting practices, and financial reporting.
- Partnership Evaluation: Consider partnering with established crypto payment processors to reduce risk and simplify implementation.
- Employee Training: Plan comprehensive training to ensure your team is equipped to handle cryptocurrency transactions and answer customer questions.
While Ferrari’s adoption of cryptocurrency payments is exciting, it’s important to consider this trend carefully.
A CFO’s decision to adopt cryptocurrency as a means of payment should be based on a thorough analysis of your company’s specific needs, risk tolerance, and strategic goals. Cryptocurrency payments may not be right for every business, but for some, they could provide a competitive advantage in an increasingly digital marketplace.
Remember that the landscape is rapidly evolving. Stay informed about regulatory changes, technological advancements, and changing consumer preferences. Whether you decide to accelerate your crypto engines now or wait in the pit, keeping this payment option on your radar is critical to navigating the future of business transactions.
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The world’s largest cryptocurrency, Bitcoin (BTC), suffered a significant price decline on Wednesday, falling below $65,000. The decline coincides with a broader market sell-off that has hit technology stocks hard.
Cryptocurrency Liquidations Hit Hard
CoinGlass data reveals a surge in long liquidations in the cryptocurrency market over the past 24 hours. These liquidations, totaling $220.7 million, represent forced selling of positions that had bet on price increases. Bitcoin itself accounted for $14.8 million in long liquidations.
Ethereum leads the decline
Ethereal (ETH), the second-largest cryptocurrency, has seen a steeper decline than Bitcoin, falling nearly 8% to trade around $3,177. This decline mirrors Bitcoin’s price action, suggesting a broader market correction.
Cryptocurrency market crash mirrors tech sector crash
The cryptocurrency market decline appears to be linked to the significant losses seen in the U.S. stock market on Wednesday. Stock market listing The index, heavily weighted toward technology stocks, posted its sharpest decline since October 2022, falling 3.65%.
Analysts cite multiple factors
Several factors may have contributed to the cryptocurrency market crash:
- Tech earnings are underwhelming: Earnings reports from tech giants like Alphabet are disappointing (Google(the parent company of), on Tuesday, triggered a sell-off in technology stocks with higher-than-expected capital expenditures that could have repercussions on the cryptocurrency market.
- Changing Political Landscape: The potential impact of the upcoming US elections and changes in Washington’s policy stance towards cryptocurrencies could influence investor sentiment.
- Ethereal ETF Hopes on the line: While bullish sentiment around a potential U.S. Ethereum ETF initially boosted the market, delays or rejections could dampen enthusiasm.
Analysts’ opinions differ
Despite the short-term losses, some analysts remain optimistic about Bitcoin’s long-term prospects. Singapore-based cryptocurrency trading firm QCP Capital believes Bitcoin could follow a similar trajectory to its post-ETF launch all-time high, with Ethereum potentially converging with its previous highs on sustained institutional interest.
Rich Dad Poor Dad Author’s Prediction
Robert Kiyosaki, author of the best-selling Rich Dad Poor Dad, predicts a potential surge in the price of Bitcoin if Donald Trump is re-elected as US president. He predicts a surge to $105,000 per coin by August 2025, fueled by a weaker dollar that is set to boost US exports.
BTC/USD Technical Outlook
Bitcoin price is currently trading below key support levels, including the $65,500 level and the 100 hourly moving average. A break below the $64,000 level could lead to further declines towards the $63,200 support zone. However, a recovery above the $65,500 level could trigger another increase in the coming sessions.
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